Gold rises in New York

July 13, 2013

Gold Rises
Gold Rises

Gold rose 1.3 percent to a near three-week high on Thursday, within striking distance to $1,300 an ounce, as investors flocked to the bullion market as a hedge after US Federal Reserve Chairman Ben Bernanke reasserted that monetary stimulus will stay for some time. Bullion extended its winning streak to a fourth straight day after Bernanke on Wednesday told an economic conference in Cambridge, Massachusetts that a “highly accommodative policy is needed for the foreseeable future.”

“Investors prefer to focus on the probability that the Fed will remain easier for far longer,” said Edward Meir, metals analyst at INTL FCStone. Spot gold climbed as much as 2.7 percent to $1,298.36, its highest since June 24. It was last traded up 1.4 percent to $1,281.40 an ounce by 2:00 pm EDT (1800 GMT). US Comex gold futures settled up $32.50 at $1,279.90, with trading volume at 225,000 lots, above 10 percent above its 30-day average, preliminary Reuters data showed. Gold’s strength also pushed silver to a three-week high of $20.26 an ounce. It was last up 3.6 percent at $20.02. Platinum rose 2.3 percent to $1,403.24, while palladium edged up 0.3 percent to 714.97 an ounce, respectively. Courtesy Reuters

Published in ZaraiMedia.com

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