Gold Halts Three-Week Advance on Fed Stimulus Outlook
Jumat, 17 Januari 2014
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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)
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