Articles
-
Gold Gains First Time in Four Days as Central Banks Buy
Gold futures advanced for the first time this week in New York as central banks increased their holdings.
Central banks, the world’s biggest holders of gold, continued to buy bullion in April as Turkey raised its reserves by 29.7 metric tons and Ukraine, Mexico and Kazakhstan boosted their holdings, International Monetary Fund data show.
“Reports about central banks buying are helping gold,” Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview. “We are also seeing some technical buying.”
Gold futures for June delivery rose 0.6 percent to settle at $1,557.50 an ounce at 1:46 p.m. on the Comex in New York. Prices have slumped 6.4 percent this month.
Read full article