[miningmx.com] – THE gold price remained steady holding on to recent gains that took it to its highest level in two weeks as US data signalled the Federal Reserve would continue its asset purchase programme to support recovery, Bloomberg News said.
Spot gold added as much as 0.3% to $1,415.15 an ounce and was at $1,411.80 at 12:19pm in Singapore. Prices jumped 1.7% yesterday, the most since May 20, as US manufacturing contracted in May, said the newswire.
“Gold advanced on speculation that the Federal Reserve will continue to provide monetary stimulus,’ said Lachlan Shaw, an analyst at Commonwealth Bank of Australia. Commodities were supported “as the dollar weakened after an unexpected contraction in the U.S. manufacturing sector.’
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