Gold slopes to three-month peak as US speculations urge demand
February 17, 2014 9:44 am
Gold futures climbed to the highest peak in more than three months as concerns the US economic recovery will draw hyped demand for haven assets. Silver is headed for a 12th day of gains. Bullion to be carried out immediately increased by 0.9% to $1,330.03 per ounce, the most since October 31, which was at $1,326.78 by 9:41 a.m. (Singapore time). Prices rose 4.1% last week, the largest gain since August 16.
The US factory production surprisingly decreased in January by its highest since May 2009, as shown in the Federal Reserve’s February 14 data. Gold fell the most since 1981 last year, following some investors lost confidence in the metal as a store of value. Bullion has bounced back 10% in 2014, despite booming demand for coins and bars, as well as cues of wavering US economic growth incurred to the increasing investors’ yearning for a haven.
Based on the data gathered by Bloomberg, the SPDR Gold Trust assets, the largest exchange-traded product supported by the metal, rose for a third week in the period ended February 14, the longest stretch since August.
Gold to be delivered in April increased 0.9% to $1,329.90 per ounce on the Comex, the biggest for a most active contract since October 31, and listed at $1,326.50. Futures bounced 4.4% last week, the highest since the period ended August 16.
Silver to be delivered immediately moved by 2.2% to $21.9791 per ounce, the most since November 7, and traded at $21.8241. Prices got 7.4% last week, the highest since the period ended August 16. Platinum climbed 0.4% to $1,433.63 per ounce, the most since January 27, and listed at $1,432.25.
Palladium went up by 0.6% to $742 per ounce, the most since January 24, and was at $741.
The material has been provided by InstaForex Company – www.instaforex.com
Gold futures climbed to the highest peak in more than three months as concerns the US economic recovery will draw hyped demand for haven assets. Silver is headed for a 12th day of gains. Bullion to be carried out immediately increased by 0.9% to $1,330.03 per ounce, the most since October 31, which was at $1,326.78 by 9:41 a.m. (Singapore time). Prices rose 4.1% last week, the largest gain since August 16.
The US factory production surprisingly decreased in January by its highest since May 2009, as shown in the Federal Reserve’s February 14 data. Gold fell the most since 1981 last year, following some investors lost confidence in the metal as a store of value. Bullion has bounced back 10% in 2014, despite booming demand for coins and bars, as well as cues of wavering US economic growth incurred to the increasing investors’ yearning for a haven.
Based on the data gathered by Bloomberg, the SPDR Gold Trust assets, the largest exchange-traded product supported by the metal, rose for a third week in the period ended February 14, the longest stretch since August.
Gold to be delivered in April increased 0.9% to $1,329.90 per ounce on the Comex, the biggest for a most active contract since October 31, and listed at $1,326.50. Futures bounced 4.4% last week, the highest since the period ended August 16.
Silver to be delivered immediately moved by 2.2% to $21.9791 per ounce, the most since November 7, and traded at $21.8241. Prices got 7.4% last week, the highest since the period ended August 16. Platinum climbed 0.4% to $1,433.63 per ounce, the most since January 27, and listed at $1,432.25.
Palladium went up by 0.6% to $742 per ounce, the most since January 24, and was at $741.
The material has been provided by InstaForex Company – www.instaforex.com
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