Gold
snapped the longest slump in three weeks as the dollar weakened,
boosting the appeal of the metal as an alternative investment.
The
Bloomberg Dollar Spot Index fell, ending the longest rally since
January, as traders awaited the Federal Reserve’s decision on whether to
raise interest rates for the first time in almost a decade. Policy
makers meet this week, and traders put the odds of a rate rise by
December at 36 percent. Higher rates curb the appeal of gold because it
doesn’t offer yields or interest.
Gold
is heading for its biggest monthly gain since January as signs of
uneven U.S. growth and faltering expansions abroad spur speculation that
the Fed will wait for more assurance that the economy can withstand
tighter monetary policy. Bullion extended gains after a government
report Monday showed purchases of new U.S. homes slumped in September to
a 10-month low.
Gold
futures for December delivery rose 0.3 percent to settle at $1,166.20
an ounce at 1:50 p.m. on the Comex in New York, ending three straight
declines in the longest slump since Oct. 1. Trading on Monday was 38
percent below the 100-day average for this time, according to data
compiled by Bloomberg.
Silver
futures for December delivery gained 0.5 percent to $15.905 an ounce on
the Comex. On the New York Mercantile Exchange, palladium futures for
December delivery dropped 1.4 percent to $683.90 an ounce, while
platinum futures for January delivery slid 0.4 percent to $997.50 an
ounce.
Source: Bloomberg
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