Gold
slipped as concerns over the standoff between the new Greek government
and creditors eased even as China showed signs of demand before Lunar
New Year holidays.
Greece
offered compromises ahead of an emergency meeting with its official
creditors on Wednesday as German Chancellor Angela Merkel remained
unyielding over terms of the country™s bailout conditions. Gold rose 4.4
percent this year, partly as concerns that Greece could be forced out
of Europe™s common currency increased the metal™s haven appeal.
Asian
gold buying pushed volumes on the Shanghai Gold Exchange to the highest
since April 2013. The start of the Lunar New Year is considered an
auspicious time to buy gold, and with markets closed during the festival
that begins next week, purchases are brought forward to allow stocking.
Bullion
for April delivery was 0.4 percent lower at $1,236.50 an ounce at 8:19
a.m. on the Comex in New York. Futures trading volume was 36 percent
lower than the average for the past 100 days for this time of day. Gold
for immediate delivery traded at $1,236.42 in London, according to
Bloomberg generic pricing.
The
odds of a Federal Reserve interest-rate increase as early as June rose
on Feb. 6 after a government report showed payroll gains in January
capped the biggest 3-month increase in 17 years. Rising rates dent the
appeal of gold as it tends to offer returns only through price gains.
Holdings
in exchange-traded products backed by gold increased for a fourth
session on Monday to 1,678.2 metric tons, the highest in four months,
according to data compiled by Bloomberg.
Source: Bloomberg
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