Gold extends gains

Thursday, 7 May 2015 00:00 - - {{hitsCtrl.values.hits}}

SINGAPORE (Reuters): Gold extended gains to a third session on Wednesday, boosted by weakness in the dollar and mixed US economic data that increased speculation that the Federal Reserve will not raise interest rates anytime soon. Spot gold rose 0.2% to $1,195.60 an ounce by 0615 GMT, bringing it near the key $1,200 level. A variety of other factors, including a surge in oil prices and a slide in global equity markets, also supported demand for safe-haven bullion. “The firm oil price and the widening US trade gap provided support for gold, with the key nonfarm payrolls this Friday likely to be the next major catalyst,” said Jason Cerisola, a trader at MKS Group. Higher oil prices – Brent hit a 2015 high on Wednesday – boost demand for gold, which is seen as a hedge against oil-led inflation.

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