efd-services (LIVE CHAT) Gold heads for biggest monthly gain since July Gold was little changed on Friday but was on track for its biggest monthly gain since July after investors and speculators chased prices higher on concerns about the pace of the U.S. economy and unrest in Ukraine. Recent gains, though, may be hard to sustain in the absence of strong physical buying. And expectations of the U.S. Federal Reserve continuing to reduce its stimulus programme could dent golds appeal as a hedge against inflation. Cash gold was nearly flat at $1,330.86 an ounce by 0714 GMT, down from a four-month high of $1,345.35 struck on Wednesday. Gold has gained 7 percent in February, its biggest monthly rise since the 7.2 percent added in July. The physical market in Hong Kong is still very slow and I cant see any fresh buying interest, said Peter Fung, head of dealing at Hong Kongs Wing Fung Precious Metals. Sentiment in the market is neutral from here. Resistance is at $1,350, while on the downside, $1,300 should be the support, Fung said..
Posted on: Fri, 28 Feb 2014 08:14:21 +0000
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