Gold rose the most in a week after data showed China’s inflation accelerated more than estimated in June, boosting demand for the precious metal as a hedge.
Gold for immediate delivery climbed as much as 1.5 percent, the most since July 1, to $1,255.18 an ounce and traded at $1,253.57 by 12:21 p.m. in Singapore. Prices climbed 1.1 percent yesterday as the Dollar Index declined from a three-year high.
China’s consumer price index rose 2.7 percent from a year earlier, the National Bureau of Statistics said today, compared with a median estimate of 2.5 percent in a Bloomberg survey. Bullion slid 23 percent last quarter as some investors lost faith in the metal as a store of value and Federal Reserve Chairman Ben S. Bernanke said the Fed may slow asset purchases this year if the economy continues to improve.
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