Gold declined for a second day as holdings in the largest bullion backed exchange-traded product dropped to the lowest level in more than four years amid speculation the Federal Reserve will curb stimulus.
Bullion for immediate delivery lost as much as 0.3 percent to $1,382.06 an ounce before trading at $1,383.79 by 12:40 p.m. in Singapore. Prices are little changed this week after dropping 0.4 percent a week earlier. Gold for August delivery climbed 0.4 percent to $1,383.60 an ounce on the Comex after falling 1 percent yesterday when a report showed fewer Americans than forecast filed applications for jobless benefits.
Assets in the SPDR Gold Trust fell 0.6 percent to 1,003.53 metric tons yesterday, according to data on the company’s website. That’s the biggest fall since May 21 and the lowest level since February 2009, data compiled by Bloomberg showed. Fed Chairman Ben S. Bernanke said on May 22 the central bank could reduce its $85 billion monthly bond purchases if the employment outlook shows a sustainable improvement.
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