Gold Down to $1264 as U.S. Dollar Strengthens

Gold and silver sank to 12-week lows as the dollar strengthened before data that may back the case for the Federal Reserve to raise borrowing costs at a time when the European Central Bank boosts stimulus. Platinum dropped to the lowest level in more than four months.

Bullion for immediate delivery fell as much as 0.3 percent to $1,257.36 an ounce, the lowest level since June 10, and traded at $1,260.01 at 8:42 a.m. in Singapore, according to Bloomberg generic pricing. The metal is on course for a weekly decline after the ECB yesterday unexpectedly cut interest rates. Spot platinum lost as much as 0.2 percent to $1,403 an ounce, the lowest price since April 24.

Data today may show payrolls climbed by more than 200,000 in August for a seventh straight month after a report yesterday showed U.S. services expanded at the fastest pace in nine years. The dollar rose to a 14-month high against the euro as the first U.S. rate increase since 2006 is probable next year, while the ECB introduces additional measures to support growth.

Bloomberg

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Updated: 05/09/2014 — 10:07 AM

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