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Bloomberg, (10/6) -- Gold gained, paring last
week’s decline, as investors bought the precious metal as a haven asset after
China’s data trailed forecasts, sparking a selloff in industrial raw
materials.
Spot gold advanced as much as 0.4 percent to $1,388.41 an ounce before trading at $1,386.04 as of 10:48 a.m. Singapore time. Prices ended down 2.2 percent on June 7, the worst close since May 15, after data showed U.S. employers took on 175,000 workers in May, beating the 163,000 median forecast in a Bloomberg survey. China’s industrial output rose a less-than-forecast 9.2 percent in May from a year earlier and factory-gate prices fell for a 15th month, while export gains were at a 10-month low and imports dropped, data released over the weekend show. Gold has dropped 17 percent this year, entering a bear market in April as economic optimism increased speculation that the U.S. Federal Reserve may scale back its monetary stimulus. Alan Greenspan, a former Fed chairman, said on CNBC television last week that the central bank needs to begin cutting back on its unprecedented asset purchases and move toward stopping them altogether. The central bank currently buys $85 billion of Treasury and mortgage debt a month. Speculators raised their net-long position on gold by 19 percent to 57,113 futures and options by June 4, the highest in seven weeks, U.S. Commodity Futures Trading Commission data show. Gold held in exchange-traded products fell 1.3 metric tons to 2,135.866 tons as of June 7, the lowest since May 2011, according to data compiled by Bloomberg. |
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 10:26 AM
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