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  • Gold Rises for First Time in Three Days on Rate Outlook



    By Debarati Roy Oct 21, 2014

    Gold futures rose for the first time in three sessions on speculation that the Federal Reserve will delay raising U.S. interest rates as global economic growth slows.

    Holdings in global exchange-traded products backed by the metal last week rose 4.9 metric tons, the most since July. In the two weeks ended Oct. 17, gold posted consecutive gains for the first time since July amid signs of weakening expansion from Germany to China.

    U.S. policy makers cited slowing foreign economies as a risk to American prospects. On Oct. 16, St. Louis Fed Bank President James Bullard said the central bank should consider delaying the end of debt purchases. Last week, money mangers added to bullish wagers on the metal for the first time in nine weeks, government data show.

    “Gold is getting a bid because the Fed may maintain low interest rates amid all the economic uncertainties” James Cordier, the founder of Optionsellers.com in Tampa, Florida, said in a telephone interview. “Gold’s safe-haven premium is rising.”

    On the Comex in New York, gold futures for December delivery climbed 0.5 percent to settle at $1,244.70 an ounce at 1:36 p.m. The metal declined 0.5 percent in the previous two sessions.

    Gold surged 70 percent from December 2008 to June 2011 as global central banks increased money supplies on an unprecedented scale, spurring inflation concerns.

    Gold’s Allure

    The metal dropped 8.4 percent last quarter as investors bet that an accelerating U.S. economy would prompt the Fed to raise borrowing costs. Rising rates reduce gold’s allure because the commodity generally only offers investors returns through price gains, while a stronger dollar typically cuts demand for a store of value.


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