Gold held gains after rebounding from the lowest level in a month as falling retail sales in the U.S. cast doubt on the pace of growth in the world™s largest economy, boosting demand for a haven. Silver advanced.
Bullion for immediate delivery traded at $1,224.34 an ounce at 8:53 a.m. in Singapore from $1,221.98 on Thursday, when it rebounded from $1,215.30, the lowest level since Jan. 9, according to Bloomberg generic pricing. The metal is still set for a third week of losses, the longest streak since September.
Gold added 3.4 percent this year as the Greek debt crisis and more stimulus in Europe and Asia offset the impact of a stronger dollar and prospects for higher U.S. rates. Talks between Greek negotiators and euro-area officials will resume in Brussels on Friday after ministers failed on Thursday to hammer out terms for an extension of the country™s bailout agreement. While the dollar fell by the most in nearly five months after the retail sales figures, it™s still near a 10-year high.
The Bloomberg Dollar Spot Index was at 1,163.66 from 1,163.11 on Thursday, when it fell 1 percent. The index closed at 1,174.87 on Wednesday, highest since at least December 2004. Lower fuel prices and higher wages failed to spur an uptick in U.S. retail sales, which fell for a second month in January.
Gold for April delivery increased 0.3 percent to $1,224.40 an ounce on the Comex in New York. Silver for immediate delivery gained 0.3 percent to $16.9097 an ounce, heading for a weekly climb. Spot platinum was 0.4 percent higher at $1,203.13 an ounce. Palladium added 0.2 percent to $776.06 an ounce.
Source : Bloomberg