Markets

Gold Swings Between Gains and Declines as Central Banks Buy - report

Gold swung between gains and losses in New York as the dollar pared gains from near a two-month high and investors and central banks increased bullion holdings, Bloomberg reported.

The U.S. Dollar Index, a measure against six major trading partners, was little changed after European finance ministers failed to agree on a debt-reduction package for Greece. It reached the highest since Sept. 5 last week. Gold held in exchange-traded products rose to a record. Brazil, Kazakhstan and Russia added to bullion reserves last month, data on the International Monetary Fund's website show. Markets in the U.S. are closed tomorrow for a holiday.

Gold for December delivery rose 0.1% to US$1,725.50 an ounce by 7.56 a.m. on the Comex in New York. Prices gained and fell as much as 0.3% and reached $1,736 yesterday, the highest since Nov. 12. Bullion for immediate delivery was down 0.1% at $1,725.43 in London.

Holdings in gold-backed exchange-traded products rose 0.7 metric ton to a record 2,604.9 tons yesterday, data compiled by Bloomberg show. Assets and prices gained this year as central banks from the U.S. to Asia took steps to bolster economies.

Brazil added 17.2 tons to bullion reserves last month, Kazakhstan expanded them by 7.5 tons and Russia bought 0.4 ton, IMF data show.

Silver for December delivery added 0.3% to $33.02 an ounce, after reaching $33.26 yesterday, the highest since Oct. 18. Platinum for January delivery was little changed at $1,572.40 an ounce. Palladium for December delivery fell 0.1% to $637.45 an ounce.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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