Gold held near a
five-year low as economic data from the U.S. shifted investors’ focus
back to when the Federal Reserve will start to raise borrowing costs and
away from geopolitical tensions in the Middle East that had buoyed
prices.
Bullion for immediate
delivery was little changed at $1,071.48 an ounce by 1:52 p.m. in London
after dropping to $1,064.55 on Nov. 18, the lowest level since February
2010, according to Bloomberg generic pricing. Prices gained on Tuesday
after Turkish forces downed a Russian fighter jet amid the conflict in
Syria.
Gold is headed for a
monthly loss as prospects for higher interest rates damp the metal’s
allure as a store of value. Orders for business equipment in the U.S.
climbed more than economists forecast in October and jobless claims slid
to the lowest in a month. Still, the Atlanta Fed’s GDPNow tracking
model cut its forecast for fourth-quarter economic growth to 1.8 percent
on Nov. 25, from 2.3 percent a week earlier, according to its website.
Odds of a move by the
Fed in December are 72 percent, up from 50 percent at the end of
October, Fed-fund futures data show. Gold has dropped 9.6 percent this
year as strengthening U.S. data supported the case for higher rates,
boosting the dollar.
The U.S. will release initial jobless claims on Dec. 3 and non-farm payrolls a day later.
Holdings in
gold-backed exchange-traded products shrank for a sixth day to 1,493.52
metric tons on Wednesday to the lowest level since February 2009, data
compiled by Bloomberg show. China’s net imports of the metal from Hong
Kong slid for the first time in four months, according to data from the
Hong Kong Census and Statistics Department.
Spot silver advanced
0.4 percent, platinum increased 0.9 percent while palladium gained 0.8
percent. U.S. financial markets will be shut Thursday for the
Thanksgiving Day holiday. Gold for February delivery rose 0.1 percent to
$1,070.70 an ounce in electronic trading on Comex in New York.
Source : Bloomberg
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