XAUUSD Aiming $1,300 After China’s Services Data

by on August 5, 2014 7:48 am BST

XAUUSD tumbled 28 percent last year on expectations for reduced stimulus in the world’s largest economy. Prices rallied 7.5 percent this year partly on tensions in Ukraine and in the Middle East, where Israel and the Palestinians yesterday agreed to a 72-hour truce in Gaza.

XAUUSD for immediate delivery gained as much as 0.3 percent to $1,292.49 an ounce, and traded at $1,291.80 at 2:21 p.m. in Singapore. The metal fell 0.4 percent yesterday as Portugal’s central bank took control of Banco Espirito Santo, helping the Standard & Poor’s 500 Index rebound from the biggest weekly loss in two years.

Gold for December delivery advanced 0.3 percent to $1,292.30 an ounce on the Comex in New York. Assets in the SPDR Gold Trust, the largest bullion-backed exchange traded-product, fell 0.2 percent to 800.05 metric tons yesterday after being unchanged for six days.

Silver for immediate delivery rose 0.3 percent to $20.2279 an ounce. Prices earlier dropped to $20.1402, the lowest since June 19, sending the metal’s ratio to gold to 64.4204, the highest since June 18.

Spot platinum increased 0.3 percent to $1,465.63 an ounce, while palladium added 0.2 percent to $858 an ounce.