Gold Climbs for First Time in Four Days

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Gold Climbs for First Time in Four Days

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PT. Equityworld Futures – Gold advanced for the first time in four days after holdings in exchange-traded products backed by bullion posted the largest increase in more than six weeks.

On Thursday, gold-backed ETP holdings rose by 3.9 metric tons, the most since Feb. 23, to 1,620.1 tons, according to data compiled by Bloomberg. Holdings in the SPDR Gold Trust, the top bullion ETP, had the biggest jump in two months.

Gold futures are heading for a fourth straight weekly increase, the longest rally since July, as investors assess economic data for signals on when the Federal Reserve is likely to boost borrowing costs. Higher rates curb bullion’s appeal because it only offers returns through price gains. A government report last week showed U.S. hiring cooled, giving support to the view that the Fed will delay increases.

Gold futures for June delivery increased 1.3 percent to $1,209.10 at 9:39 a.m. on the Comex in New York. The metal fell 2.1 percent in the prior three sessions.

ETP holdings increased by 21.7 tons so far this year after declining 164.4 tons in 2014, a second annual drop. The Bloomberg Dollar Spot Index, a gauge of the greenback’s strength against 10 major counterparts, climbed a second day, gaining 0.2 percent. Bullion typically moves inversely to the U.S. currency.

Sumber : www.ewfpro.com

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