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Gold close to four-month peak; physical buying in China slack
March 4, 2014 8:58 amVideo
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Gold was near the highest level in more than four months as investors counted the turmoil in Ukraine versus hints the rally was exaggerated and physical buying in China slowed down.
Bullion to be delivered immediately traded at $1,349.81 per ounce at 11:43 a.m. in Singapore, previously $1,350.58, when the metal hit $1,354.87, the highest peak since October 30, as Ukraine said Russia warned to seize its war ships in Crimea. The 14-day relative strength index rose above the level of 70, which signifies to those who analyze charts the prices may reverse, and was at 71 today.
While the conflict between Ukraine and Russia over Crimea amplified haven demand, SPDR Gold Trust assets, the largest exchange-traded product supported by bullion, remained the same yesterday for four straight days. In China, the biggest consumer, volumes for the benchmark spot contract in Shanghai declined in the last four days than the two-week high that was reached on February 25.
Gold advanced for a second month in February as worries the US recovery may be staggering and unrest in emerging markets including Ukraine hyped demand for a store of value. Bullion surged 12% this year, retreating from the largest annual loss in more than three decades, even as the Federal Reserve cut down stimulus.
Gold to be delivered in April was at $1,349.80 per ounce on the Comex in New York, previously $1,350.30, when futures increased $1,355, the highest for a most active contract since October 30. Silver settled at $21.4367 per ounce from $21.427 yesterday, when prices ascended 0.9%. Platinum dived 0.3% to $1,454.13 per ounce, while palladium was slightly changed at $748.48 per ounce.
In South Africa, the three largest platinum producers met with the Association of Mineworkers and Construction Union yesterday for dialogues to conclude a six-week strike that has exhausted stockpiles built to weather the commotion.
The material has been provided by InstaForex Company – www.instaforex.com
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