SINGAPORE — Gold moved towards a 2-week high struck last week, as firm oil prices raised worries of inflation and a drop in the US dollar spurred buying. Bullion, whose gains lifted silver and platinum, posted its biggest weekly percentage gain in almost two months last week, but trading was thin on Monday with Japanese speculators away for a public holiday. Spot gold was up 0,52% at $941,40 an ounce as of 0104 GMT, compared with New York’s notional close of $936,50 — within sight of last week’s two-week high of $941,95 an ounce. “I am a little positive for the very near term. I will be looking for a break above the previous highs of around $941,95 for a run at the $950s,” said Adrian Koh, analyst at Phillip Futures in Singapore, referring to levels seen in June. “Platinum looks a little positive to me, after we moved out of the previous 1-” month downtrend,” he said. A brighter outlook for the financial market has underpinned gold, but the metal is still around 6% below an 11-month high above $1000 an ounce hit in February, and remains vulnerable to movements in both energy and currency markets. Oil steadied above $63 a barrel today, having gained 6,1% last week — its first weekly gain in a month on the back of a series of positive economic data and a rally in equities markets. Platinum rose $4 an ounce to $1 175 an ounce, having risen around 6% last week on physical buying from auto makers in China and a dispute over wages in main producer South Africa. It hit a two-week high at $1 179 an ounce today. The National Union of Mineworkers said it had rejected an improved 8,5% pay increase offer from Impala Platinum. “There’s been some physical buying out of China, although I don’t think they will chase the market at current levels,” said a dealer in Hong Kong. “A surge in automobile sales in China gives support for the market,” he said. The China Association of Automobile Manufacturers said the country’s passenger car sales jumped 47,7% in June to 872 900, lifted in part by government stimulus measures including a halving of the sales tax on small cars and subsidies for buyers in rural areas. In currencies, the dollar and the yen dropped on Monday as concerns about the US economy abated and broadly better-than-expected corporate earnings supported risk appetite. US gold futures for August delivery added $1,7 an ounce to $939,2 an ounce. The contract settled up $2,10 at $937,50 on the COMEX division of the New York Mercantile Exchange on Friday. The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings stood at 1094,54 tonnes as of July 17, down 0,31 tonnes from 1094,85 tonnes the previous business day.

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