Gold is poised to climb for the first time in four days, extending the best quarterly gain in more than two years, as central banks boost stimulus to bolster growth and strikes halt output from mines in South Africa.
Spot gold was little changed at $1,754.85 an ounce at 11:52 a.m. in Singapore after losing 0.5 % yesterday as Europe’s debt concern worsened, boosting the dollar. The metal is up 9.9 % since June 30, set for the biggest quarterly gain since the three months to June 30, 2010. December-delivery bullion rose 0.2 % to $1,757.10 an ounce on the Comex in New York.
*** The Federal Reserve announced a third round of debt-buying Sept. 13 to buoy the U.S. economy, while the Bank of Japan will add to a fund that buys assets. The European Central Bank announced an unlimited bond-purchase program Sept. 6 and China approved a subways-to-roads construction plan.
*** Holdings in gold-backed, exchange-traded products reached a record on Sept. 25
*** In China, cash gold of 99.99 % purity dropped as much as 1.1 % to 354.25 yuan ($56) a gram on the Shanghai Gold Exchange, up 10 % this quarter.
***Spot silver was little changed at $33.985 an ounce. Prices are set to climb 24 % this quarter, the biggest gain since the final three months of 2010. Immediate-delivery platinum dropped 0.2 % to $1,633 an ounce. Palladium declined 0.4 % to $627 an ounce, erasing a 0.8 % advance.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service
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