Gold advanced, rebounding from its worst weekly performance since May, as prices at the cheapest in six months lured buyers. Silver and platinum gained.
Spot gold rose as much as 0.6 percent to $1,618.90 an ounce, and traded at $1,614.23 by 3:01 p.m. in Singapore. Gold slumped to $1,598.23 on Feb. 15, the lowest since August. Silver and platinum added at least 0.4 percent, while palladium fell.
Bullion tumbled 3.4 percent last week as improving economic data from the U.S. reduced the appeal of haven assets. The precious metal held in exchange-traded products shrank by the most since July last week, totaling 2,602.335 metric tons on Feb. 15, according to data compiled by Bloomberg. Billionaire investors George Soros and Louis Moore Bacon cut their stakes in gold ETPs last quarter, government filings showed last week.
“Macroeconomic data around the world have shown signs of gradual improvement and this has pushed gold to a new range of $1,550-$1,625,” said Huang Fulong, an analyst at CITICS Futures Co., a unit of China’s largest listed brokerage. “Lower prices should see physical buyers, who have been largely absent, emerge and that should lend the market some support.”
Gold for April delivery advanced 0.3 percent to $1,614 an ounce on the Comex in New York. Federal Reserve Chairman Ben S. Bernanke said on Feb. 15 that the U.S. economy is far from operating at full strength and reiterated his commitment to record easing. The Fed is scheduled to release on Feb. 20 minutes of its Jan. 29-30 meeting.
Cash silver climbed 0.9 percent to $30.06 an ounce, after slumping to a six-week low of $29.6775 on Feb. 15. Spot platinum rose 0.4 percent to $1,688.25 an ounce. Palladium retreated 0.2 percent to $756.85 an ounce. (Bloomberg)
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