Business Standard

Gold climbs as price drop lures buyers, silver retreats

Gold climbed 0.2% to 1,383.85 dollar an ounce,silver retreats 0.5% to 22.23 dollar an ounce, 27% lower this year.

Press Trust of India  |  London 

 
today advanced, trimming a second monthly decline, as lower prices boosted physical buying of the metal amid an extended drop in holdings in exchange-traded products.

Gold climbed 0.2% to 1,383.85 dollar an ounce, after the falling 1% yesterday as U.S. Economic data backed the case for a cut in monetary stimulus by the Fed.

However, retreated 0.5% to 22.23 dollar an ounce, 27% lower this year. It headed for a fourth monthly loss, the worst run since June.

The U.S. Mint is on pace to sell 62,100 ounces of gold coins in May, 17% more than a year earlier. The agency said yesterday it would resume taking orders for its one-tenth ounce gold coin after suspending sales in April while demand surged after prices tumbled.

Gold has slumped 17% this year as investors slashed holdings in exchange traded funds amid speculation the U.S. Federal Reserve would taper asset purchases that helped bullion cap a 12-year bull run in 2012.

Assets in ETPs dropped 0.2% to 2,154.2 metric tons. The holdings have shrunk 18% in this year, tumbling to the lowest since June 2011, as demand for haven assets declined amid an improving economic outlook.

Data yesterday showed U.S. Consumer confidence climbed to more than five-year high while an index of property values made the biggest 12-month gain since April 2006.

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Gold climbs as price drop lures buyers, silver retreats

Gold climbed 0.2% to 1,383.85 dollar an ounce,silver retreats 0.5% to 22.23 dollar an ounce, 27% lower this year.

Gold today advanced, trimming a second monthly decline, as lower prices boosted physical buying of the metal amid an extended drop in holdings in exchange-traded products.
 
today advanced, trimming a second monthly decline, as lower prices boosted physical buying of the metal amid an extended drop in holdings in exchange-traded products.

Gold climbed 0.2% to 1,383.85 dollar an ounce, after the falling 1% yesterday as U.S. Economic data backed the case for a cut in monetary stimulus by the Fed.

However, retreated 0.5% to 22.23 dollar an ounce, 27% lower this year. It headed for a fourth monthly loss, the worst run since June.

The U.S. Mint is on pace to sell 62,100 ounces of gold coins in May, 17% more than a year earlier. The agency said yesterday it would resume taking orders for its one-tenth ounce gold coin after suspending sales in April while demand surged after prices tumbled.

Gold has slumped 17% this year as investors slashed holdings in exchange traded funds amid speculation the U.S. Federal Reserve would taper asset purchases that helped bullion cap a 12-year bull run in 2012.

Assets in ETPs dropped 0.2% to 2,154.2 metric tons. The holdings have shrunk 18% in this year, tumbling to the lowest since June 2011, as demand for haven assets declined amid an improving economic outlook.

Data yesterday showed U.S. Consumer confidence climbed to more than five-year high while an index of property values made the biggest 12-month gain since April 2006.
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