“Gold traded below its highest level this month and headed for a second weekly gain in New Yorkas investors weighed a pickup in physical demand against signs economies are improving.
The metal is heading for the first back-to-back weekly advance since January even as U.S. data showed this week retail sales jumped and jobless claims dropped. Global equities reached the highest since June 2008. Japan’s political parties confirmed Haruhiko Kuroda as the Bank of Japan (8301) governor as well as Kikuo Iwata and Hiroshi Nakaso as deputies, ushering in a leadership that may push for more monetary stimulus within weeks.
“Numbers out of the U.S. have been coming out better and that’s helping equities go higher,”Afshin Nabavi, a senior vice president at bullion refiner MKS (Switzerland) SA in Geneva, said today by phone. “Physical demand still remains strong, from the Far East mainly. There seems to be bargain hunting every time around the $1,570 an ounce area.”
Gold futures for April delivery added 0.1 percent to $1,591.70 an ounce by 7:48 a.m. on the Comex in New York. Prices climbed to this month’s high of $1,598.80 an ounce on March 13 and are up 0.9 percent this week. Gold for immediate delivery increased 0.2 percent at $1,593 in London….”
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