Gold
futures recovered from the biggest drop in six weeks as signs of
slowing economic growth from China to the U.S. spurred demand for haven
assets.
Purchases
of new U.S. homes slumped more than forecast in March, while
manufacturing slowed in the euro area and China in April, separate
reports showed Thursday. The economic data reignited demand for gold
after prices on Wednesday fell the most in six weeks amid positive
figures for American housing.
Signs
of uneven growth in the U.S. have prompted speculation that the Federal
Reserve will wait longer to raise interest rates, while central banks
in Europe and Asia have expanded stimulus efforts to combat the
slowdown. Investors increased their holdings in exchange-traded funds
backed by gold for four straight sessions, and the assets are poised to
rise in April for the third time in four months.
Gold
futures for June delivery added 0.6 percent to settle at $1,194.30 an
ounce at 1:45 p.m. on the Comex in New York. The metal is heading for
the first monthly gain since January amid the global economic concerns.
Futures
dropped 29 percent in the previous two years as the dollar surged and
inflation remained muted. Prices climbed 70 percent from December 2008
to June 2011 partly as the Fed held rates near a record low. Higher
rates boost the appeal of assets with better yield prospects such as
bonds and equities, while cutting the allure of gold, which generally
offers returns only through price gains.
The
metal fell 2.5 percent in March as the greenback climbed for the ninth
straight month. The dollar declined as much as 0.7 percent against a
basket of 10 currencies on Thursday.
Source : Bloomberg
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