Gold rises in New York

July 12, 2013


Gold ended slightly higher in choppy trade on Wednesday after the minutes of the Federal Reserve’s June meeting showed many officials wanted more reassurance the job market was on solid ground before withdrawing economic stimulus. The metal rose as much as 1.3 percent, extending its gain to a third day. Bullion failed to maintain earlier gains despite the usual bullish drivers of a tumbling dollar and rallying US crude futures.

Spot gold was up 0.3 percent to $1,252.63 an ounce by 3:47 PM EDT (1947 GMT), having set a one-week high of $1,265.01. US Comex gold futures for August delivery settled up $1.50 to $1,247.40 prior to the Fed minutes. Volume was at 192,000 lots, about 5 percent below its 30-day average, preliminary Reuters data showed. Holdings in SPDR Gold Trust, the largest gold-backed exchange-traded funds declined a further 7.2 tonnes on Tuesday, adding to the previous session’s 15-tonne drop. The fund is already on track for its biggest weekly outflow in seven weeks.

Among other precious metals, silver edged down 0.4 percent to $19.15 an ounce. Platinum eased 0.2 percent to $1,361.24 an ounce and palladium climbed 2 percent to a three-week high of $710.25, having earlier hit a three-week high at $713 an ounce. Courtesy Reuters

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