Bullion for immediate delivery fell as much as 0.4 percent to $1,200.10 an ounce and was at $1,204.47 at 2:50 p.m. in Singapore, reducing this week’s gain to 1.9 percent, according to Bloomberg generic pricing. The metal rallied to $1,219.79 on March 26, the highest level since March 2, as it capped seven days of gains, the longest run of advances since 2012. Gold in Shanghai headed for the first weekly advance in seven.
Investors have historically turned to precious metals in times of geopolitical tension. Gold was set 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. Saudi Arabia’s southern neighbor is near the center of world energy trade, and oil is poised to post the biggest weekly gain since 2011 amid concern supplies may be disrupted. The Bloomberg Dollar Spot Index rose the most in a week on Thursday.
Data on Thursday showed jobless claims dropped to the lowest level since mid-February. Fed Bank of Atlanta President Dennis Lockhart said the economy can handle moving to a higher-rate environment. Fed Chair Janet Yellen is scheduled to speak on monetary policy in San Francisco on Friday.
Sumber : ewfpro.com
