BLBG:Gold Jumps in New York on Signs of India’s Demand, Weaker Dollar
Gold jumped in New York on signs of more demand in India, the biggest buyer, and a weakening dollar.
UBS AG said its physical gold sales to India were the most since April yesterday because of the strengthening rupee. India’s currency rose to a five-month high today against the today against the dollar. Gold rose 14 percent this year as the Dollar Index (DXY), which tracks the U.S. currency against six monies, declined 0.6 percent.
“Because of the rupee, there was physically related buying coming in,” said Afshin Nabavi, a senior vice president at bullion refiner MKS Finance SA in Geneva. “I think the dollar could help.”
Gold for December delivery climbed 0.6 percent to $1,790.90 an ounce at 7:46 a.m. on the Comex in New York.
The Turkish army fired across the Syrian border after shelling killed five people yesterday. Nabavi said he had no evidence of safe haven buying of gold because of the fighting.
Silver futures jumped 1.1 percent to $35.065 an ounce, platinum gained 0.6 percent to $1,704.60 an ounce and palladium climbed 1.1 percent to $665.40 an ounce.
To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net