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Gold escalates; investors mull Ukraine versus US stimulus
March 11, 2014 8:47 amVideo
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Gold futures advanced as investors weighed the possibility of trimmed stimulus in the US versus intensified upheaval in Ukraine. Holdings in the largest exchange-traded product stretched to the highest this year.
Bullion to be delivered immediately ascended 0.3% to $1,344.02 per ounce and traded at $1,342.29 at 11:50 a.m. in Singapore. Prices listed a fifth weekly gain last week, escalating to a four-month peak of $1,354.87 on March 3, as standoff between Ukraine and Russia aggravated, bolstering haven demand.
Bullion ascended 11% this year even as the Federal Reserve, which will meet on March 18-19, announced a $10 billion decrease to bond buying at each of its last two meetings, leaving purchases at $65 billion.
SPDR Gold Trust holdings extended 0.9% to 812.7 metric tons, prolonging a two-week raise, the highest since December 20. Assets dived by a record last year as prices sank the most since 1981. Gold to be delivered in April settled at $1,342.20 per ounce on the Comex in New York, previously $1,341.50, when futures wiped out losses to set at 0.3% higher.
Silver to be delivered immediately climbed 0.5% to $20.9263 per ounce. Prices missed 0.6% yesterday following the data displayed exports in China slipped in February by the most since 2009, raising woes growth may be wavering in the leading metals user.
Platinum erased 0.1% to $1,475.38 per ounce, while palladium profited 0.1% $775.81 per ounce. South Africa’s state mediator said the Chamber of Mines has compromised negotiations aimed at halting a strike at the world’s biggest platinum mines after an official from the lobby group suspected the facilitator of incompetence.
The material has been provided by InstaForex Company – www.instaforex.com
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