Gold climbed to the highest level in more than a week as data showing the weakest U.S. hiring additions in more than a year clouded the outlook for interest-rate increases. Platinum rose to a one-month high.
Bullion for immediate delivery increased as much as 1 percent to $1,218.92 an ounce, the highest since March 26, before trading at $1,218.69 by 8:54 a.m. in Singapore, according to Bloomberg generic pricing. Markets in Australia, China and Hong Kong are closed on Monday.
Gold added 2.9 percent this year as investors assessed data for clues on when the Federal Reserve may raise rates. Fed Chair Janet Yellen and her colleagues last month opened the door to an interest-rate increase as soon as June, while also suggesting in forecasts that September may be a more likely time. Minutes of the Fed’s March meeting due Wednesday may give more clarity on the central bank’s approach.
American companies added 126,000 positions in March, the least since December 2013, according to the Labor Department on Friday. The Bloomberg Dollar Spot Index fell for a fourth day on Monday, set for the longest losing streak in nine months.
Gold for June delivery added 1.5 percent to $1,218.40 an ounce on the Comex, while silver for immediate delivery climbed 0.3 percent to $17.118 an ounce.
Spot platinum gained as much as 2.1 percent to $1,180, the highest since March 6, before trading at $1,178.50. Palladium rose 2.5 percent to $764.30 an ounce, the biggest advance since March 18.
Source : Bloomberg