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Gold Steady Around $1218 as Economy Assessed With Demand

Gold held above an eight-month low as investors assessed the health of the global economy and the outlook for physical demand.

Gold for immediate delivery rose as much as 0.4 percent to $1,219.34 an ounce, and traded at $1,218.44 by 11:21 a.m. in Singapore, Bloomberg generic pricing show. The metal yesterday fell to $1,208.40, the lowest since Jan. 2. The 14-day relative strength index held below 30 for an ninth day today, signaling to some investors that prices may be poised to rebound.

Data today showed a Chinese manufacturing gauge beat estimates while a report yesterday showed U.S. sales of existing homes unexpectedly declined. Physical demand has picked up as gold prices have eased, according to Barclays Plc. Bullion is on course for its first quarterly loss this year as the Bloomberg Dollar Spot Index climbed to a four-year high.

Bloomberg [1]

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