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Gold down in Asia

Gold looked set to snap a three-day winning streak on Monday, but prices held near $1,300 per ounce on hopes the US Federal Reserve would stick to its easy monetary policy, burnishing the metal's appeal as a hedge against inflation. Spot gold had eased 0.2 percent to $1,286.96 an ounce by 0741 GMT. Prices rose nearly 2 percent in the previous three sessions, underpinned by expectations that the nominee to lead the Fed, Janet Yellen, would continue the bank's $85 billion in monthly bond purchases in that role.

"I think markets have already priced in Yellen's nomination and the tapering being pushed to next year," said Songwut Apirakkhit, managing director of Globlex Holding Management in Bangkok. Bullion has lost nearly 25 percent of its value so far this year on fears the gold-friendly bond purchases would be cut back as the US economy improves.

Copyright Reuters, 2013



 



 
Index Closing Chg%
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln