Sun, Feb 21, 2016 - Page 15 News List

Oil prices waver on conditional production freeze

AFP, LONDON, and Bloomberg

Gold is off to its best start since 1980 on signs of weakness in the global economy and sliding commodity prices, helping boost shares of producers. Investors are piling back into the metal amid speculation that the US Federal Reserve will delay further interest-rate increases, boosting the appeal of bullion as a store of value. The BI index has surged 35 percent this year after slumping for a fifth straight year last year.

“People are realizing that the world is not as stable as they once thought,” Phil Streible, a senior market strategist at RJO Futures in Chicago, said in a telephone interview. “Gold prices are going to rise and it’s the smartest miners that are going to do well.”

Gold futures for April delivery gained 0.4 percent to settle at US$1,230.80 an ounce at 1:40pm on the Comex in New York. The metal has advanced 16 percent this year.

Barrick climbed as much as 3.1 percent in Toronto to C$17.89, the highest since September 2014.

Holdings in bullion-backed exchange-traded products rose on Thursday for a sixth straight session to 1,615.4 tonnes, the highest since May, data compiled by Bloomberg show.

Silver futures slipped on the Comex in New York, while palladium fell and platinum was unchanged on the New York Mercantile Exchange.

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