Gold traded near the lowest level in two weeks as investors weighed an increase in holdings against speculation the Federal Reserve may curb stimulus after Standard & Poor’s boosted its outlook for the world’s largest economy.
Bullion for immediate delivery fell 0.2 percent to $1,383.97 an ounce at 9:31 a.m. in Singapore. Prices declined to $1,375.95 yesterday, the lowest level since May 28, after S&P lifted the U.S.’s AA+ credit rating outlook to stable from negative, citing receding fiscal risks. Gold for August delivery fell 0.2 percent to $1,382.90 on the Comex.
Gold dropped 2.2 percent on June 7 after data showed U.S. payrolls increased more than forecast in May, spurring speculation the Fed will curb its debt purchases that helped bullion cap a 12-year bull run in 2012. Assets in the SPDR Gold Trust, the biggest bullion-backed exchange-traded product, expanded yesterday for the first time since May 29, according to data on the company’s website.
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