Gold held near a four-month low as investors awaited a European Central Bank meeting at which policy makers may add to stimulus and a U.S. labor report that may back further cuts to the Federal Reserve’s bond purchases.
Platinum retreated to the lowest in more than three weeks. Gold for immediate delivery traded at $1,245.90 an ounce at 2:12 p.m. in Singapore from $1,244.95 yesterday, according to Bloomberg generic pricing. The metal fell to $1,240.73 yesterday, the lowest level since Jan. 31, before rebounding as the Standard & Poor’s 500 Index retreated from a record and the euro rose from a three-month low against the dollar. Gold fell 3.3 percent in May, the biggest monthly drop this year, as the euro weakened 1.7 percent versus the dollar on speculation that the ECB will add stimulus when policy makers meet tomorrow. A June 6 report is forecast to show employers added 215,000 jobs in the U.S., just above this year’s average, backing the case for the Fed to further reduce asset purchases as the economy recovers.
Source: Bloomberg