Gold Holds Near Two-Month High as Equities Retreat
Gold held steady near its highest level in two months on Wednesday, supported by a drop in equities and high oil prices, while silver edged back from a 3-month peak.
Gold was little changed at $1,318.04 an ounce by 0000 GMT after rising to $1,325.90 on Tuesday, its strongest since April 15. US gold was at $1,318.80 an ounce, down $2.50.
Silver, which often tracks gold, dipped to $20.86 an ounce. It had rallied to $21.14 an ounce on Tuesday, its highest since March 18.
Singapore is set to announce the launch of a gold futures contract on Wednesday, two sources familiar with the matter said, joining a race in Asia to provide a viable alternative to the metal's global benchmark which is under regulatory scrutiny.
The world's three biggest platinum firms signed a wage deal with South Africa's AMCU union on Tuesday but said that fallout from a five-month strike made job cuts and restructuring inevitable, setting the scene for more labour turmoil.
MARKET NEWS
US stocks ended lower on Tuesday as worries about Iraq drove profit-taking, after encouraging economic data earlier drove shares to another record high, while sterling tumbled on doubts whether the Bank of England would allow an interest rate hike soon.
The US dollar edged higher on Tuesday after stronger-than-expected US housing and consumer confidence data increased expectations of a more hawkish tone from the Federal Reserve.
Brent crude held above $114 a barrel on Tuesday, supported by continued fighting in Iraq, supply disruptions in Libya and expectations of a decline in US crude inventories, while US crude prices dipped slightly.
Copyright: Thomson Reuters 2014
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