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Gold Eases to $1315 as Rally Erodes Interest

Gold traded below a two-month high as the rally was seen damping physical and investment demand. Platinum and palladium declined amid expectations that striking miners in South Africa may return to work this week.

Bullion for immediate delivery was at $1,314.05 an ounce at 2:35 p.m. in Singapore from $1,314.82 on June 20, according to Bloomberg generic pricing. Gold rose to $1,322.12 earlier that day, the highest level since April 15, on speculation that borrowing costs in the U.S. would remain low.

Gold completed a third weekly advance last week after the Federal Reserve said it will keep interest rates at almost zero for a considerable time. In China, the world’s largest consumer, volumes for the benchmark spot contract in Shanghai fell for a second day on June 20. Assets in the SPDR Gold Trust held near a one-month low of 782.62 metric tons.

Bloomberg [1]

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