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Singapore - Gold climbed for a second day as assets in bullion-backed funds rose to their highest since December 2013 and Goldman Sachs Group raised price forecasts.
Bullion for immediate delivery rose as much as 0.7% to $1 274.65 an ounce and was at $1 273.84 at 08:12, according to Bloomberg generic pricing. Gold ended 0.2% higher on Tuesday after sinking to $1 256.96, the lowest intraday level since April 28.
Bullion is up 20% this year as a slowdown in global growth and the Federal Reserve’s hesitancy to raise raise rates boost its appeal, with investors adding to holdings in exchange-traded funds.
Billionaire hedge fund manager Paul Singer has said that gold’s best quarter in 30 years is probably just the beginning of a rebound, and Goldman raised its forecasts for the next 12 months, while still seeing weaker prices.
“Prices continued to be supported by steady inflows into ETFs,” Vyanne Lai, an economist at National Australia Bank, said by email.
Bullion holdings increased 3 tons to 1 806.71 tons as of Tuesday, rising for an 11th day, data compiled by Bloomberg show.
They’ve jumped 24% this year. In China, bullion of 99.99% purity rose 0.4% to $1 276.07 an ounce on the Shanghai Gold Exchange. Silver gained surged 1.2%, platinum climbed 1% and palladium added 0.9%.
