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| English: New York Mercantile Exchange Русский: Нью-Йоркская товарная биржа (Photo credit: Wikipedia) |
“Budget talks are the main concern right now,” Bart Melek, the Toronto-based head of commodity strategy at TD Securities, said in a telephone interview. “There is really too much ambiguity in the market.”
Gold futures for February delivery advanced 0.9 percent to settle at $1,660.10 an ounce at 1:44 p.m. on the Comex in New York. The price dropped 3.1 percent in the previous three days on speculation that better U.S. economic data will ease pressure on the Federal Reserve to expand monetary stimulus.
Prices also rose after Brazil boosted its gold reserves for a third month, with holdings doubling since August. The bullion increase of 14.7 metric tons in November was the nation’s biggest in 12 years, data from the International Monetary Fund showed.
“The central banks in emerging economies have been continuing their policy of diversifying their currency reserves,” Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt, said in an e-mail. “This trend is likely to continue next year, meaning that central banks will play a considerable part in the price increase we envisage in 2013.”
Silver futures for March delivery rose 1.8 percent to $30.203 an ounce on Comex, paring this week’s loss to 6.5 percent.
On the New York Mercantile Exchange, platinum futures for January delivery dropped 0.6 percent to $1,536.90 an ounce, the fifth straight decline. Palladium futures for March delivery rose 0.3 percent to $682.30 an ounce. ... Continue to read.
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