Gold futures rose for
the second straight day as higher energy costs added to speculation that
U.S. inflation will start to pick up, reviving demand for the precious
metal as a store of value.
Crude oil in New York
rose above $60 a barrel for the first time since December. In April, the
price soared 25 percent, the most since May 2009, on signs the U.S.
supply glut is easing. Investors who in December were unloading gold and
bracing for deflation are now stepping up bets that inflation is
returning. The dollar’s rally has stalled, and American wages are
rising.
Holdings in
exchange-traded funds backed by gold are rebounding, and speculators are
getting more bullish. The metal has gained 4.5 percent from this year’s
low in March as investors weigh expectations for higher consumer costs
against signs that the Federal Reserve is getting closer to raising
interest rates.
Gold futures for June
delivery rose 0.5 percent to settle at $1,193.20 an ounce at 1:53 p.m.
on the Comex in New York. On Monday, the price climbed 1 percent, the
most in a week.
Source: Bloomberg
0 komentar :
Post a Comment