Gold down to $1299 on U.S. Recovery Optimism

Gold held below $1,300 an ounce after two days of losses on optimism that the U.S. recovery is gaining traction while tensions ease in Ukraine and the Middle East, curbing demand. Palladium traded below a 13-year high.

Gold for immediate delivery was at $1,298.11 an ounce at 8:09 a.m. in Singapore from $1,298.40 yesterday, when the metal fell 0.5 percent, Bloomberg generic pricing showed. Bullion on Aug. 15 dropped as much as 1.6 percent to $1,292.63, the lowest level since Aug. 6, before ending 0.7 percent lower.

Gold rebounded this year, even as the Federal Reserve scaled back asset purchases, partly as unrest in Ukraine and the Middle East fueled demand. The Fed will tomorrow release minutes of its July 29-30 meeting, when it reduced bond-buying for a sixth time as the economy improved. Chair Janet Yellen is scheduled to speak on Aug. 22 at an annual central bankers’ conference in Jackson Hole, Wyoming.


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