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Gold Climbs On Stimulus Hopes; Silver Highest Since April
Submitted by Commodity Online on September 4, 2012 – 12:38 PMNo Comment
Gold for immediate delivery climbed as much as 0.3 percent to touch $1,697.20 an ounce, the most advanced figure since March 13.
With the euro area manufacturing shrinking in August tripping estimates and China manufacturing exhibiting a similar trend, gold futures climbed and silver touched the highest levels since April on speculation of stimulus measures.
Gold for immediate delivery climbed as much as 0.3 percent to touch $1,697.20 an ounce, the most advanced figure since March 13. It was seen trading at $1,695.30 at 11:32 a.m. In Singapore. Spot silver jumped for a third day, raking in as much as 0.7 percent in value to touch $32.315 an ounce, the highest level since April 13, before trading at $32.215.“The fall in August manufacturing levels, particularly in China, raises the prospects of additional stimulus,” Lachlan Shaw, an analyst at Commonwealth Bank of Australia, communicated to Bloomberg News. “The composition, timing and size of the stimulus package remain uncertain.” he added.U.S. markets remained closed for a holiday on Monday.October Gold on India’s MCX was at 31337 an uptick of 0.17% on 10.17 am IST. Silver for September was seen trading at 59993 up by 0.46%.
Source: CommodityOnline
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