Gold
futures rebounded after a gauge of manufacturing in New York state
unexpectedly declined, boosting the precious metal’s appeal as a haven.
A
surprise negative reading for the New York Federal Reserve Bank’s index
added to recent signs of uneven U.S. expansion and eased concerns that
the economy is strong enough for policy makers to start raising interest
rates. The metal fell 2.5 percent last month on speculation that rates
would climb, damping gold’s appeal because the commodity generally only
offers returns through price gains.
Prices
were little changed last quarter as investors weighed the outlook for
monetary tightening in the U.S. against increased global stimulus.
European Central Bank President Mario Draghi said Wednesday his
1.1-trillion-euro ($1.2 trillion) quantitative-easing program started in
March will help to boost sagging inflation. The metal has historically
been used as a hedge against higher consumer costs.
Gold
futures for June delivery rose 0.7 percent to settle at $1,201.30 an
ounce at 1:41 p.m. on the Comex in New York. On Tuesday, the price
touched $1,183.50, the lowest for a most-active contract since April 1.
Source: Bloomberg
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