Gold Holds Advance After Climbing Most in Two Weeks on Stimulus
Spot gold added as much as 0.3 percent to $1,415.15 an ounce and was at $1,413.43 at 9:33 a.m. in Singapore. Prices jumped 1.7 percent yesterday, the most since May 20, as U.S. manufacturing unexpectedly contracted in May. Cash silver was little changed at $22.745 an ounce.
Gold fell 16 percent this year after a 12-year bull run as investors sold the metal from exchange-traded products at a record pace on speculation the Fed may taper quantitative easing. Assets in the SPDR Gold Trust, the biggest bullion-backed ETP, were unchanged for a third day yesterday after expanding on May 29 for the first time in almost three weeks, according to data on the company’s website.