Gold for immediate delivery lost as much as 0.6 percent to $1,297.46 an ounce, and traded at $1,299.91 at 11:11 a.m. in Singapore, Bloomberg generic pricing showed. The metal on Aug. 15 dropped to $1,292.63, the lowest level since Aug. 6. Spot palladium climbed to $895.55 an ounce, the highest price since February 2001, before declining.
Bullion rallied 8.2 percent this year, even as the Federal Reserve reduced stimulus, in part on tensions in Ukraine and the Middle East. The Fed, which has kept its benchmark lending rate near zero percent since December 2008, will this week release minutes of its meeting in July, when it cut asset purchases for a sixth time. A report last week showed U.S. industrial output advanced, adding to signs that the recovery is gaining traction.
“Gold prices fell as improving U.S. data dented investor demand despite rising tensions in the Ukraine,” Mark Pervan, the head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne, said in a note today. “Support from geopolitical tensions remains sporadic.”
Data this week may show a rebound in U.S. housing starts, while sales of previously owned homes probably held near an eight-month high in July. Fed Chair Janet Yellen is scheduled to speak Aug. 22 at a central bankers’ conference in Jackson Hole, Wyoming.
Source: yahoo.com
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