Gold Advances as Falling Prices Attract Buyers amid ETP Retrenchments

Commodities See a Mixed Response Following Balanced U.S. Data
Commodities See a Mixed Response Following Balanced U.S. Data

Spot gold gained 0.7%, reached USD1, 390.90 for an ounce, and was at USD1, 387 in Singapore, it has slipped by 6.1% this month. Bullion for August delivery gained 0.5% to USD1, 386 an ounce in New York at the Comex, it has plummeted 5.8% this month. Cash silver showed slight change at USD22.36 an ounce, it has slipped by 26% this year. Platinum, moving for a fourth monthly loss, was little changed at USD1,462.75 an ounce. Palladium, on the other hand, fell 0.3% to USD753.25 an ounce, frilling a monthly gain. The price touched USD761.80 yesterday, which is the highest since April 3.

Swinging between ups and downs, the West Texas Intermediate, neared its highest price in a week, meanwhile data is being speculated to show a shrink in the U.S. crude stockpiles, OPEC contrarily will keep its yield quota untouched this week.

Corn, nearing its highest level in three weeks, due to rains, which further delayed the planting in U.S., for December delivery this climbed by 0.5% to USD5.54 per bushel in Chicago and was at USD5.535 in Singapore.Soybeans for July delivery advanced by 0.6% to USD15.1825 a bushel after slipping 0.4%. In the meantime, wheat for July delivery was slightly changed at USD6.94 a bushel, it has slipped by 5.1% this month.

Copper on the London Metal Exchange remained faintly changed for delivery in three months and traded at USD7, 327.50 per ton in Tokyo. The metal has recoiled 7.6% this year.

Rebar for the October delivery at the Shanghai Futures Exchange slipped by around 0.7% to 3,465 Yuan (USD565) a ton. This is its lowest level for a most dynamic contract seen since November 30.

Palm oil, advanced for a fifth day in a row to a two-month high and the contract for August delivery climbed by 1.3% to 2,420 ringgit (USD792) a metric ton, on the Bursa Malaysia Derivatives, in Kuala Lumpur.