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Gold traded below the highest level in more than four months as investors weighed the crisis in Ukraine against the outlook for the U.S. economy and slower physical purchases in China, the world’s largest consumer.

Bullion for immediate delivery was at $1,338.40 an ounce at 9:14 a.m. in Singapore from $1,336.90 yesterday, when prices rose 0.2 percent after a private report showed that U.S. companies added fewer workers than projected in February. The metal climbed to $1,354.87 on March 3, the highest since Oct. 30, as tension between Ukraine and Russia escalated.

Gold rallied 11 percent this year as concern that the U.S. recovery may be faltering and unrest in emerging markets including Ukraine boosted demand for a haven. Bullion rebounded from a 28 percent drop last year that was the biggest loss since 1981 even as the Federal Reserve scaled back stimulus. Russian forces occupied the Ukrainian region of Crimea, stoking concern that there may be military conflict between the states.

Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, were unchanged yesterday for a sixth day, the longest stretch assets have held steady in 13 months. In China, volumes for the benchmark spot contract in Shanghai have been lower over the past six days than the two-week high that was reached on Feb. 25.

(Source: Bloomberg)

Gold fell from a three-month high as minutes from the Federal Reserve’s last meeting indicated stimulus cuts would likely continue, crimping demand for the precious metal as an alternative investment.

Several policy makers said that in “the absence of an appreciable change in the economic outlook, there should be a clear presumption in favor of continuing to reduce the pace” of bond purchases at each meeting, according to minutes released today. Some officials raised concern that inflation is too low. Gold climbed 9.8 percent this year as signs that U.S. growth is faltering fueled bets that the pace of stimulus cuts may slow.

Gold futures for April delivery declined 0.8 percent to $1,316.10 an ounce in electronic trading at 2:37 p.m. on the Comex in New York. Prices settled at $1,320.40 at the end of regular trading before the minutes were released,

The metal reached $1,332.40 yesterday, the highest since Oct. 31. Last month, the central bank trimmed monthly bond purchases by $10 billion for a second straight month to $65 billion. Fed Chairman Janet Yellen said Feb. 11 that reductions aren’t on a “pre-set course.”

Bullion surged more than 500 percent in 12 straight years of gains through 2012 as the dollar weakened. The rally accelerated from December 2008 to June 2011 as the Fed expanded its balance sheet through debt purchases and held borrowing costs at a record low in a bid to revive growth amid a U.S. recession. Prices reached a record $1,923.70 in September 2011.

(Source: Bloomberg)

Gold held gains to extend the first monthly advance since August as concern that global growth may be faltering sent equity markets lower and boosted demand for haven assets.

Bullion for immediate delivery rose as much as 0.2 percent to $1,259.98 an ounce, and traded at $1,257.04 at 8:48 a.m. in Singapore. Gold climbed as much as 1.8 percent to $1,266.41 yesterday, the highest level since Jan. 30, as the MSCI All-Country World Index of equities dropped 1.6 percent.

Data yesterday showed that manufacturing from China to the U.S. and the U.K. slowed as a selloff in emerging-market stocks and currencies deepened. Bullion advanced 3.2 percent last month even as the U.S. Federal Reserve began to withdraw stimulus.

Investors may allocate 2 percent to 10 percent of their portfolio to gold in 2014, from the current level of 1 percent, as they diversify holdings, Juan Carlos Artigas, director of investment research at the World Gold Council, said yesterday.

Gold for April delivery lost 0.2 percent to $1,257.90 on the Comex, after gaining 1.6 percent yesterday, the most since Jan. 23. Assets in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, were unchanged for a second day yesterday after increasing for two days in the longest run of gains since December 2012.

Silver increased 0.1 percent to $19.3663 an ounce, rising for a third day. Palladium was at $702.93 an ounce from $702.50 yesterday, when prices retreated a 10th day in the longest run of losses since October 2001.

Platinum added 0.2 percent to $1,384.75 an ounce. The world’s largest platinum producers are reviewing a proposal on wages as negotiators seek to resolve a dispute with a South African union that has been on strike since Jan. 23.

(Source: bloomberg)                         

Gold held the biggest advance in a week on concern that a rout in emerging-market assets may deepen, fueling demand for a haven as the U.S. Federal Reserve further reduced the pace of asset purchases.

Bullion for immediate delivery traded at $1,266.27 an ounce at 8:07 a.m. in Singapore from $1,267.24 yesterday, when prices climbed 0.8 percent, the most since Jan. 23. The metal is headed for the first monthly advance since August as stocks and currencies from India to South Africa slumped.

The Federal Open Market Committee said yesterday that it will cut monthly bond-buying by $10 billion to $65 billion, trimming purchases for a second straight month, as the U.S. economy improved. Central banks from India to Turkey and South Africa raised borrowing costs this week to try to stem capital outflows amid concern that China’s economy is slowing.

Increased physical demand in Asia has helped gold rebound from a six-month low on Dec. 31, when prices capped the biggest annual decline since 1981. This support is waning just before the Lunar New Year, which begins tomorrow, according to Australia & New Zealand Banking Group Ltd. Volumes for the benchmark contract on the Shanghai Gold Exchange fell for a fourth day yesterday to the lowest level this year.

(Source: bloomberg)

Jalatama news, Gold was set to halt three weeks of gains as speculation that the Federal Reserve will continue reducing monetary stimulus in the U.S. countered signs of increased physical demand.

Bullion for immediate delivery traded at $1,242.23 an ounce by 9:28 a.m. in Singapore from $1,242.39 yesterday, when prices fluctuated at least 0.3 percent before ending little changed. Gold climbed to a one-month high of $1,257 on Jan. 14, on signs of strengthening demand in China, which probably overtook India as the largest user last year.

Gold is 0.5 percent lower this week as U.S. data on retail sales, New York manufacturing and initial jobless claims all beat economists’ estimates, backing the case for less stimulus. Volumes for the benchmark contract on the Shanghai Gold Exchange exceeded 13,000 kilograms every day this week, compared with last year’s daily average of 12,782 kilograms.

Fed policy makers, who next gather on Jan. 28-29, decided to cut monthly asset purchases to $75 billion from $85 billion at their meeting last month, ending gold’s 12-year bull run. Fed Bank of Richmond President Jeffrey Lacker speaks today after his Philadelphia and Dallas counterparts this week called for continued reduction of the central bank’s bond-buying program.

(Source: Bloomberg)