Gold Above 10-Week Low as Investors Weigh Ukraine, U.S. Recovery
Bullion for immediate delivery was at $1,284.63 an ounce at 2:31 p.m. in Singapore from $1,283.81 yesterday, when prices fell for a sixth day to $1,277.69, the lowest level since Feb. 11. A seventh day of losses would be the longest run of declines since May, according to Bloomberg generic pricing.
While gold’s 12-year bull run ended in 2013 on expectations the Federal Reserve would reduce stimulus as the world’s largest economy recovers, prices have rallied 6.9 percent this year as unrest in Ukraine spurred haven demand. In China, the biggest consumer, volumes for the benchmark spot bullion contract in Shanghai climbed for a second day to a five-week high yesterday.
“Positive U.S. economic data have weighed on gold,” said Mark To, head of research at Wing Fung Financial Group, a Hong Kong-based trader and refiner. “Prices are finding some haven support as investors keep a close watch on the Ukraine-Russia conflict. Physical interest is also picking up as prices fall.”