By -
Jan 31, 2013
Gold extended the longest run of
monthly losses since May before a report that may show U.S.
employers added jobs last month, reducing the appeal of bullion
as a haven. Platinum was set to snap four weeks of gains.
Spot gold fell as much as 0.2 percent to $1,660.75 an ounce, and traded at $1,661.25 at 9:38 a.m. in Singapore, dropping for a second day. Gold retreated 0.7 percent in January for a fourth monthly drop. Platinum, down 1.3 percent this week, fell after a 9 percent gain last month that was the best showing in a year.
U.S. employers probably added 165,000 workers last month after a 155,000 increase in December, analysts forecast before the report today. Gold is still 0.2 percent higher this week after data showed the U.S. economy unexpectedly shrank in the fourth quarter, consumer confidence slipped and jobless claims rose, while the Federal Reserve maintained asset purchases.
“Economic data around the world continue to provide mixed signals and gold will react according to market sentiment,” said Huang Fulong, an analyst at CITICS Futures Co., a unit of China’s largest listed brokerage. “The market will be range- bound before the jobs number later.”
Gold dropped 0.8 percent yesterday, the most since Jan. 24, after a report showed U.S. consumer spending rose. Data today showed a Chinese manufacturing gauge unexpectedly fell last month as export orders contracted and production slowed, signaling a recovery has yet to gain momentum.
Gold for April delivery traded at $1,662.20 on the Comex in New York from $1,662 yesterday. Bullion held in exchange-traded products is little changed this week, totaling 2,612.263 metric tons yesterday, according to data compiled by Bloomberg.
Cash silver fell 0.2 percent to $31.405 an ounce, after slumping 1.8 percent yesterday, the most in a week. The metal is still up 0.7 percent this week as sales of American Eagle silver coins jumped to a monthly record in January.
Spot platinum slid 0.3 percent to $1,673.25 an ounce, trading above gold for a ninth day, the longest such run since September 2011. Palladium fell 0.2 percent to $741.75 an ounce.
To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
Spot gold fell as much as 0.2 percent to $1,660.75 an ounce, and traded at $1,661.25 at 9:38 a.m. in Singapore, dropping for a second day. Gold retreated 0.7 percent in January for a fourth monthly drop. Platinum, down 1.3 percent this week, fell after a 9 percent gain last month that was the best showing in a year.
U.S. employers probably added 165,000 workers last month after a 155,000 increase in December, analysts forecast before the report today. Gold is still 0.2 percent higher this week after data showed the U.S. economy unexpectedly shrank in the fourth quarter, consumer confidence slipped and jobless claims rose, while the Federal Reserve maintained asset purchases.
“Economic data around the world continue to provide mixed signals and gold will react according to market sentiment,” said Huang Fulong, an analyst at CITICS Futures Co., a unit of China’s largest listed brokerage. “The market will be range- bound before the jobs number later.”
Gold dropped 0.8 percent yesterday, the most since Jan. 24, after a report showed U.S. consumer spending rose. Data today showed a Chinese manufacturing gauge unexpectedly fell last month as export orders contracted and production slowed, signaling a recovery has yet to gain momentum.
Gold for April delivery traded at $1,662.20 on the Comex in New York from $1,662 yesterday. Bullion held in exchange-traded products is little changed this week, totaling 2,612.263 metric tons yesterday, according to data compiled by Bloomberg.
Cash silver fell 0.2 percent to $31.405 an ounce, after slumping 1.8 percent yesterday, the most in a week. The metal is still up 0.7 percent this week as sales of American Eagle silver coins jumped to a monthly record in January.
Spot platinum slid 0.3 percent to $1,673.25 an ounce, trading above gold for a ninth day, the longest such run since September 2011. Palladium fell 0.2 percent to $741.75 an ounce.
To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
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