Gold Holds Near Highest Level in Week as Dollar, Stocks Decline
PT.RIFAN FINANCINDO BERJANGKA, Gold held near the highest level in more than a week as a retreat in the
dollar and global equities boosted demand. The precious metal is little
changed this year after sinking to a four-year low in November.
Bullion for immediate delivery rose as much as 0.5 percent to $1,206.30 an ounce before trading at $1,201.10 by 8:39 a.m. in Singapore, set for the first monthly advance since August, according to Bloomberg generic pricing. The metal, which reached a four-year low of $1,132.16 on Nov. 7, climbed to $1,210.74 yesterday, the highest level since Dec. 18.
Gold is 0.1 percent lower this year after tumbling 28 percent in 2013 as the Federal Reserve moved closer to raising interest rates for the first time since 2006, while policy makers from Europe to China took steps to spur growth. That boosted the dollar to a five-year high, hurting demand for gold. Investors cut holdings in the biggest exchange-traded product backed by bullion by 11 percent this year after a 41 percent reduction in 2013.
Assets in the SPDR Gold Trust contracted to 710.81 metric tons as of yesterday, the lowest in more than six years, data compiled by Bloomberg show. Central banks will buy about 400 tons to 500 tons this year from 409.3 tons in 2013, the World Gold Council predicts.
Source: Bloomberg
Bullion for immediate delivery rose as much as 0.5 percent to $1,206.30 an ounce before trading at $1,201.10 by 8:39 a.m. in Singapore, set for the first monthly advance since August, according to Bloomberg generic pricing. The metal, which reached a four-year low of $1,132.16 on Nov. 7, climbed to $1,210.74 yesterday, the highest level since Dec. 18.
Gold is 0.1 percent lower this year after tumbling 28 percent in 2013 as the Federal Reserve moved closer to raising interest rates for the first time since 2006, while policy makers from Europe to China took steps to spur growth. That boosted the dollar to a five-year high, hurting demand for gold. Investors cut holdings in the biggest exchange-traded product backed by bullion by 11 percent this year after a 41 percent reduction in 2013.
Assets in the SPDR Gold Trust contracted to 710.81 metric tons as of yesterday, the lowest in more than six years, data compiled by Bloomberg show. Central banks will buy about 400 tons to 500 tons this year from 409.3 tons in 2013, the World Gold Council predicts.
Source: Bloomberg
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