Gold climbed to the
highest level in more than a week as data showing the weakest U.S.
hiring additions in more than a year clouded the outlook for
interest-rate increases. Platinum rose to a one-month high.
Bullion for immediate
delivery increased as much as 1 percent to $1,218.92 an ounce, the
highest since March 26, before trading at $1,218.69 by 8:54 a.m. in
Singapore, according to Bloomberg generic pricing. Markets in Australia,
China and Hong Kong are closed on Monday.
Gold added 2.9 percent
this year as investors assessed data for clues on when the Federal
Reserve may raise rates. Fed Chair Janet Yellen and her colleagues last
month opened the door to an interest-rate increase as soon as June,
while also suggesting in forecasts that September may be a more likely
time. Minutes of the Fed’s March meeting due Wednesday may give more
clarity on the central bank’s approach.
American companies
added 126,000 positions in March, the least since December 2013,
according to the Labor Department on Friday. The Bloomberg Dollar Spot
Index fell for a fourth day on Monday, set for the longest losing streak
in nine months.
Gold for June delivery
added 1.5 percent to $1,218.40 an ounce on the Comex, while silver for
immediate delivery climbed 0.3 percent to $17.118 an ounce.
Spot platinum gained
as much as 2.1 percent to $1,180, the highest since March 6, before
trading at $1,178.50. Palladium rose 2.5 percent to $764.30 an ounce,
the biggest advance since March 18.
Source : Bloomberg
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