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Gold Trades Near 16-Week Low as Ukraine Assessed, Euro Weakens
2014-05-29 09:43:48

Bullion for immediate delivery was at $1,258.77 an ounce by 9:04 a.m. in Singapore from $1,258.14 yesterday, according to Bloomberg generic pricing. Gold sank to $1,256.07 yesterday, the lowest since Feb. 6, as Russia’s President Vladimir Putin showed a willingness to work with Ukraine’s new leadership.

Gold has risen 4.8 percent this year partly on unrest in Ukraine. The 14-day relative-strength index fell to 30.5 yesterday, the lowest since December. That level suggests a potential rebound to some analysts who study technical charts. The gauge was at 30.8 today.

“Gold has finally broken through its narrow trading range,” said Sun Yonggang, a macroeconomic strategist at Everbright Futures Co. in Shanghai. “The weaker euro has weighed on gold, while the background support from Ukraine seems to be fading.”

Gold has dropped 2.5 percent this month as the euro weakened 1.9 percent versus the dollar, reaching the lowest level in more than three months yesterday, on expectation that the European Central Bank will add stimulus in June. Bullion denominated in U.S. dollars becomes more expensive for holders of other currencies when the greenback strengthens.

Gold for August delivery fell as much as 0.2 percent to $1,256.90 an ounce on the Comex inNew York, before trading at $1,258.90. The most-active contract slid to $1,256.10 yesterday, the lowest level since Feb. 7.

Silver Holds

Silver for immediate delivery traded at $19.0548 an ounce from $19.034 yesterday, when prices sank to $18.9841, the lowest since May 2. The metal is set for a third monthly drop.

Platinum rose 0.4 percent to $1,458.25 an ounce, snapping two days of losses and poised for a second monthly advance. Palladium climbed 0.2 percent to $838.31 an ounce, heading for a fourth month of gains in the longest such run since January 2011. The metal reached $845.24 yesterday, the highest level since August 2011, after mining companies in South Africa, the second-largest producer of the metal, and a labor union failed to reach an accord to end a pay strike.

South Africa’s new mining minister called on the nation’s treasury and labor departments to assist in ending the four-month strike that’s hurt output. The country is also the biggest platinum producer.

To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net

To contact the editors responsible for this story: James Poole at jpoole4@bloomberg.net Ovais Subhani

http://www.bloomberg.com/news/2014-05-29/gold-trades-near-16-week-low-as-ukraine-assessed-euro-weakens.html





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