Gold Futures Gain for Third Day on Chinese Stimulus Speculation
Gold futures advanced for a third straight day on speculation that China may take more steps to boost economic growth, increasing demand for the precious metal as a store of value.
China’s exports rose 1 percent in July from a year earlier, compared with the 8 percent median estimate in a Bloomberg survey and 11.3 percent in June. The nation’s new local-currency loans were 540.1 billion yuan ($85 billion) last month, the People’s Bank of China said. That compared with the median estimate of 700 billion yuan in a Bloomberg survey.
“Renewed hopes for more monetary stimulus from PBOC are providing some support for gold,” Standard Bank Plc said in a report e-mailed today.
Gold futures for December delivery climbed 0.2 percent to settle at $1,622.80 an ounce at 1:41 p.m. on the Comex in New York, extending the weekly gain to 0.8 percent. The metal has risen 3.6 percent this year.
Silver futures for September delivery slipped 0.1 percent to $28.062 an ounce in New York.
On the New York Mercantile Exchange, platinum futures for October delivery dropped 0.9 percent to $1,399.90 an ounce, extending the weekly loss to 1 percent. Palladium futures for September delivery retreated 0.8 percent to $582.20 an ounce.
To contact the reporter on this story: Debarati Roy in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Steve Stroth at email@example.com