“Gold may climb, extending a two-week advance, as slowing global economic expansion and Europe’s debt crisis bolstered demand for precious metals as a store of value.
Immediate-delivery gold swung between a gain and a loss of 0.2 percent before trading at $1,531.80 an ounce at 1:46 p.m. in Singapore. The metal is little changed this week following last week’s 1.6 percent gain and 1.2 percent advance the previous week. Gold futures for August delivery was little changed at $1,532.70 an ounce.
Manufacturing in China, Europe and the U.S. slowed in May and a private report this week showing slower-than-forecast growth in jobs spurred concern that today’s Labor Department employment data will trail estimates. European Union and International Monetary Fund officials will today complete a review of Greece’s plan for 78 billion euros ($113 billion) in asset sales and austerity measures as they prepare the nation’s second bailout in little more than a year.”
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