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Bloomberg (09/7) --
Gold swung after advancing the most in a week as investors lowered
holdings in the largest bullion-backed exchange-traded product and the
U.S. dollar strengthened amid speculation the Federal Reserve will scale
back stimulus.
Spot
gold climbed as much as 0.4 percent to $1,242.52 an ounce, after
falling 0.3 percent, and traded at $1,240.03 by 9:33 a.m. in Singapore
Prices climbed 1.1 percent yesterday, the most since July 1, as the
Dollar Index declined from a three-year high. Assets in the SPDR Gold
Trust fell 15 metric tons yesterday, the most in two weeks. Holdings
stood at 946.96 tons, the least since February 2009.
Gold
has dropped 8.2 percent since June 19, when Fed Chairman Ben S.
Bernanke said the central bank may reduce its $85 billion of monthly
asset purchases this year and end the program in 2014 as the economy
improves. Alcoa Inc. kicked off the U.S. earnings season yesterday,
reporting earnings that beat analysts’ estimates and fueling increased
optimism about growth.
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 9:50 AM
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