Gold may rise in New York and London for the first time in three days as industrial metals climb on Chinese import figures and the dollar’s rally stalls. Copper advanced as much as 0.8 percent in London after China said imports of refined metal climbed 10 percent in February from the prior month. The dollar was little changed against the euro after earlier gaining as much as 0.4 percent. Bullion typically moves inversely to the greenback.
“Recent data from China has been bullish,” Dan Smith, an analyst at Standard Chartered Plc in London, said today by phone. “When people become more optimistic about China, it helps lift the whole complex, including gold.” Gold futures for April delivery rose $1, or 0.1 percent, to $1,123.30 an ounce at 8:37 a.m. on the Comex in New York, paring an advance of as much as 0.5 percent. Gold for immediate delivery in London was 0.2 percent higher at $1,123.96.
Bullion increased to $1,124.50 an ounce in the morning “fixing” in London, used by some mining companies to sell production, from $1,115.75 at yesterday’s afternoon fixing. “Gold’s getting a small lift from base metals,” said Jia Wei, an analyst at Jiangsu Suwu Futures Brokerage Co. The precious metal is “hovering in the $1,100 to $1,200 range as investors vacillate between liking and avoiding risk”.....Read the entire article.
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