Gold traded below $1,300 an ounce, little changed this week, as investors assessed the health of the U.S. economy and the impact on monetary stimulus. Platinum and palladium were poised for a second week of gains.
Bullion for immediate delivery traded at $1,294.94 an ounce at 11:29 a.m. in Singapore, according to Bloomberg generic pricing. The metal climbed 0.2 percent to $1,294.10 yesterday after data showed U.S. jobless claims rose more than forecast.
Gold has advanced 7.8 percent this year partly on tension in Ukraine and concern that the U.S. economic recovery may be fragile. Applications for unemployment benefits increased to 326,000 in the week ended May 17, the Labor Department said. That compares with a forecast for a gain to 310,000 in a Bloomberg survey and a drop to a seven-year low a week earlier.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.