Gold escalates as largest weekly loss prods demand
March 21, 2014 8:12 am
Gold futures advanced on speculation the biggest weekly loss since November would goad physical demand following the Federal Reserve said interest rates might increase but Goldman Sachs Group Inc. predicted decreases.
Bullion to be delivered immediately profited 0.6% to $1,335.63 per ounce and settled at $1,333.23 by 12:21 a.m. in Singapore. Prices are slated to plunge 3.6% this week, the first loss since the period ended on January 31 and largest fall since November 22. Gold to be delivered in June gained 0.3% to $1,334 per ounce on the Comex in New York.
Fed Chair Janet Yellen said the interest rates could rise in six months following the asset purchases end, most likely in fall. Policy makers trimmed monthly bond-buying by $10 billion after their two-day meeting, leaving purchases at $55 billion. Prices touched a six-month peak on March 17 as upheaval over Ukraine left Russia and the West entangled in their worst face-off since the Cold War.
Gold in exchange-traded products increased on the second day on March 19, rising 1.5 metric tons to 1,764 tons, based on the data compiled by a Bloomberg show. SPDR Gold Trust assets, the largest gold-supported ETP, were still at 812.78 metric tons yesterday, according to data on the fund’s website.
In China, the biggest consumer, volumes for the benchmark spot contract in Shanghai gained to a three week high on March 19. The metal of 99.99% purity for immediate delivery set at $3.85 per ounce, below the London price today. Goldman’s Head of Commodities Research Jeffrey Currie said the gains were short-lived and the chances are rising prices would hit $1,000 for the first time since 2009.
Silver to be delivered immediately surged 0.5% to $20.363 per ounce, cutting this week’s 4.9% plunge, the largest loss since September. Platinum added 0.4% to $1,437.88 per ounce, would dive 2.2% this week. Palladium went up 0.3% to $772.47 per ounce.
The material has been provided by InstaForex Company – www.instaforex.com
Gold futures advanced on speculation the biggest weekly loss since November would goad physical demand following the Federal Reserve said interest rates might increase but Goldman Sachs Group Inc. predicted decreases.
Bullion to be delivered immediately profited 0.6% to $1,335.63 per ounce and settled at $1,333.23 by 12:21 a.m. in Singapore. Prices are slated to plunge 3.6% this week, the first loss since the period ended on January 31 and largest fall since November 22. Gold to be delivered in June gained 0.3% to $1,334 per ounce on the Comex in New York.
Fed Chair Janet Yellen said the interest rates could rise in six months following the asset purchases end, most likely in fall. Policy makers trimmed monthly bond-buying by $10 billion after their two-day meeting, leaving purchases at $55 billion. Prices touched a six-month peak on March 17 as upheaval over Ukraine left Russia and the West entangled in their worst face-off since the Cold War.
Gold in exchange-traded products increased on the second day on March 19, rising 1.5 metric tons to 1,764 tons, based on the data compiled by a Bloomberg show. SPDR Gold Trust assets, the largest gold-supported ETP, were still at 812.78 metric tons yesterday, according to data on the fund’s website.
In China, the biggest consumer, volumes for the benchmark spot contract in Shanghai gained to a three week high on March 19. The metal of 99.99% purity for immediate delivery set at $3.85 per ounce, below the London price today. Goldman’s Head of Commodities Research Jeffrey Currie said the gains were short-lived and the chances are rising prices would hit $1,000 for the first time since 2009.
Silver to be delivered immediately surged 0.5% to $20.363 per ounce, cutting this week’s 4.9% plunge, the largest loss since September. Platinum added 0.4% to $1,437.88 per ounce, would dive 2.2% this week. Palladium went up 0.3% to $772.47 per ounce.
The material has been provided by InstaForex Company – www.instaforex.com
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