Gold Seizes Gain after Rising the Maximum in Two Weeks on Spur
Gold holds advances after climbing the most in two weeks, based on speculations that the Federal Reserve will continue with its asset purchasing program in order to speed up resurgence. Spot gold advanced by 0.3% to USD1,415.15 for an ounce and was at USD1,411,80 in Singapore. The price hike of 1.7% noted yesterday was highest since May 20. Cash silver slumped by 0.2% to USD22.6819 an ounce.
Bullion for August delivery changed slightly at USD1,411.30 an ounce in New York Comex Division. The price advanced by 1.4% on Monday, while the dollar index plummeted by 0.9% followed by a report indicating the fall of Institute for Supply Management’s factory index to 49, which is lowest in four years.
Platinum after moving up 3.2% was at USD1,495.75 on Monday, which is its highest level since May 15. Meanwhile, palladium was at USD757.75 an ounce, above than the USD757,30 yesterday.
The WTI crude, on the other hand, slumped after its highest advance in a month. Increase in refinery utilization and decrease in U.S. stockpiles, may have been the reason. Futures recoiled 0.6% in New York after climbing up 1.6% on Monday, which was driven by the fact that fall in dollar led to a rise in the commodity priced in USD.
In the meantime, copper reached to its highest level in a week, in between concerns that the world biggest mine is closing and on signs of improvement in the China’ manufacturing activity, which is the biggest consumer. For three month delivery, the metal advanced by 0.6% to USD7, 380.24 a metric ton at the London Metal Exchange in Seoul. Prices reached USD7, 397.75 yesterday, which are the highest since May 23. Whilst, other base metals on the LME including zinc and aluminum slumped. For July delivery, copper was slightly changed at USD3.339 a pound, at the Comex Division in New York.
Elsewhere, palm oil declined, and in Shanghai the futures for steel reinforcement bars plummeted. Rubber for October delivery also slipped, while the futures advanced by 2% yesterday.