Gold
and silver futures rose to the highest since February as the dollar’s
decline boosted demand for the precious metals as alternative
investments.
The
greenback slumped against a basket of 10 currencies to the lowest since
January after a government report showed Wednesday that U.S. retail
sales stalled in April, damping prospects for an increase in interest
rates by the Federal Reserve. On Thursday, gold climbed for the third
straight day, the longest rally in seven weeks.
Higher
rates curb gold’s appeal because the metal generally offers returns
only through price gains, while a weaker dollar can increase demand for
the metal as a store of value. U.S. economic indicators have missed
expectations since January, according to an index compiled by Citigroup
Inc., suggesting policy makers aren’t close to raising their benchmark.
On
the Comex in New York, gold futures for June delivery rose 0.6 percent
to $1,225.70 an ounce at 10:17 a.m. Earlier, the price reached
$1,227.70, the highest for a most-active contract since Feb. 17. The
metal topped the 200-day moving average for the first time since
February.
Most
economists in a Bloomberg survey late last month predicted the central
bank will start tightening in September, rather than at next month’s
meeting. The Fed has held rates near zero since 2008.
Source: Bloomberg
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