PT. Equityworld Futures - Gold headed for the first
back-to-back weekly climb since January after Saudi Arabia and its
allies started bombing targets in Yemen, boosting demand for a haven as
prices posted the longest run of gains in more than two years.
Bullion
for immediate delivery traded at $1,203.41 an ounce at 8:21 a.m. in
Singapore from $1,204.81 on Thursday, when it rose for a seventh
straight day, according to Bloomberg generic pricing. The metal rallied
to $1,219.79 on March 26, the highest level since March 2, and is up 1.8
percent this week. Gold traded in Shanghai also headed for a weekly
advance.
Investors have historically turned to precious metals
during times of geopolitical tension. Gold headed for the first
quarterly gain since June as the Saudis headed a coalition of 10
Sunni-ruled nations that carried out raids around Yemen’s capital.
Gold
climbed every day since Federal Reserve policy makers signaled last
week they’re in no hurry to raise interest rates, weakening the dollar
and raising the appeal of bullion. Data on Thursday showed jobless
claims dropped to the lowest level since mid-February, spurring a
rebound in the U.S. currency.
Gold for June delivery was at
$1,203.80 on the Comex from $1,205.70 on Thursday and is set to gain 1.6
percent this week. Bullion of 99.99 percent purity was at 240.80 yuan a
gram ($1,205.92 an ounce) on the Shanghai Gold Exchange.
Sumber : ewfpro.com