Gold held below $1,300 an ounce as investors weighed the outlook for U.S. monetary stimulus against unrest in Ukraine. Assets in exchange-traded funds backed by platinum and palladium climbed to records.
Bullion for immediate delivery traded at $1,293.50 an ounce at 6 p.m. in Singapore from $1,292.61 on May 23, according to Bloomberg generic pricing. The metal decreased 0.1 percent on May 23 after data showed sales of new homes in the U.S. increased the most since October. The U.S. and U.K. markets are shut for holidays today.
Gold sank 28 percent last year on expectations that the Federal Reserve will further reduce bond purchases as the economy improves. Prices rebounded 7.7 percent this year partly on tension between Ukraine and Russia. Kazakhstan, Turkey and Belarus expanded gold reserves in April as Mexico cut holdings, according to data on the International Monetary Fund website.
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