“Gold may advance in New York on demand for the metal in China to India. Silver gained.
The price of gold traded in yen jumped 0.7 percent as the Japanese currency weakened against the dollar to the lowest since April 2011 on speculation of government easing. Futures in New York are up 5.9 percent this year and the Dollar Index, a measure against six major trading partners, is down 0.7 percent.
“The dollar is weakening and also we are seeing good physical demand from China as well as India,” said Afshin Nabavi, a senior vice president at bullion refiner MKS Finance in Geneva, by e-mail today. “We may have seen the lows for gold this year.”
Gold futures for February delivery were little changed at $1,658.50 an ounce at 6:06 a.m. on the Comex in New York. Silver for March delivery was up 0.2 percent at $29.945 an ounce. Platinum for April delivery gained 0.8 percent to $1,551 an ounce and palladium for March delivery advanced 0.4 percent to $687.30 an ounce.”
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