Gold swung between gains and losses as investors weighed the prospects for increased physical demand against reduced monetary stimulus. Silver climbed.
Spot bullion traded at $1,245.10 an ounce at 11:58 a.m. in Singapore from $1,243.50 yesterday, after rising and falling at least 0.2 percent. The metal declined to $1,180.50 on June 28, the lowest since August 2010.
Gold slumped 23 percent in the second quarter as Federal Reserve Chairman Ben S. Bernanke said that the Fed may slow its asset purchases this year if the economy continues to improve. Data on July 5 may show U.S. employers added more jobs last month. Physical gold purchases continue to increase and investors are seeing lower prices as “an opportunity to jump in,” Scott Carter, chief executive officer of Los Angeles-based Lear Capital, said in a Bloomberg Television interview.
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