Gold accelerates as growth concern generates demand
February 6, 2014 9:19 am
Gold held gains after reaching the highest level for more than a week, as speculation the US economic recovery may be boosting haven demand.
Bullion, to be delivered immediately, listed at $1,257.96 per ounce at 9:04 a.m. (Singapore time), from $1,257.92 yesterday when prices touched $1,274.74, the highest since January 27. The gold profited 3.2% in January, the first monthly acceleration since August, about woes the drive in emerging markets may aggravate.
An insider report yesterday showed weaker employment growth in the US, agitating speculation the government data due tomorrow will trail postulations. US Federal Reserve said last week it would cut down bond buying by $10 billion, following its decision last December to trim purchases by the same amount as the economy improved, helping to halt gold’s 12-year bull run.
“Gold is holding its ground above $1,250, propelled by a disappointing report on U.S. Employment,” said Wing Fung Financial Group Research Analyst Ethan Wai.
Gold to be delivered in April incurred 0.1% to $1,258.50 in the New-York based Comex, following a $1,274.50 gain yesterday, the most since January 27.
SPDR Gold Trust, the largest exchange-traded product backed by bullion, stayed the same after a 0.5% increase on February 4, the highest since January 17.
Silver went up 0.2% to $19.9399 per ounce, escalating on the fifth day and prolonging the 2% increase yesterday, the most since January 10. Palladium plunged $708.75 per ounce, from yesterday’s $708.88; platinum elevated 0.2% to $1,383.31 per ounce.
Talks between the world’s three biggest platinum producers and the South African union, which started its strike two weeks ago, were suspended after both sides did not get into a settlement.
The material has been provided by InstaForex Company – www.instaforex.com
Gold held gains after reaching the highest level for more than a week, as speculation the US economic recovery may be boosting haven demand.
Bullion, to be delivered immediately, listed at $1,257.96 per ounce at 9:04 a.m. (Singapore time), from $1,257.92 yesterday when prices touched $1,274.74, the highest since January 27. The gold profited 3.2% in January, the first monthly acceleration since August, about woes the drive in emerging markets may aggravate.
An insider report yesterday showed weaker employment growth in the US, agitating speculation the government data due tomorrow will trail postulations. US Federal Reserve said last week it would cut down bond buying by $10 billion, following its decision last December to trim purchases by the same amount as the economy improved, helping to halt gold’s 12-year bull run.
“Gold is holding its ground above $1,250, propelled by a disappointing report on U.S. Employment,” said Wing Fung Financial Group Research Analyst Ethan Wai.
Gold to be delivered in April incurred 0.1% to $1,258.50 in the New-York based Comex, following a $1,274.50 gain yesterday, the most since January 27.
SPDR Gold Trust, the largest exchange-traded product backed by bullion, stayed the same after a 0.5% increase on February 4, the highest since January 17.
Silver went up 0.2% to $19.9399 per ounce, escalating on the fifth day and prolonging the 2% increase yesterday, the most since January 10. Palladium plunged $708.75 per ounce, from yesterday’s $708.88; platinum elevated 0.2% to $1,383.31 per ounce.
Talks between the world’s three biggest platinum producers and the South African union, which started its strike two weeks ago, were suspended after both sides did not get into a settlement.
The material has been provided by InstaForex Company – www.instaforex.com
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