Gold was little changed near its highest level this week here today, and platinum headed for its best monthly gain in a year as investors weighed speculation the Federal Reserve will continue with stimulus against a rally in equities.
Gold added 0.1 per cent to USD 1,666.19 an ounce, after rising to USD 1,668.96, the highest since January 25. Prices
are down 0.5 per cent in January, a fourth straight monthly drop and the worst run since May. Silver was little changed at USD 31.43 an ounce.
The Fed will probably renew its commitment to continue buying assets into next year as policy makers end a two-day
meeting today. Gold lagged other precious metals this month as global equities climbed to the highest in almost 21 months.
While gold holdings in exchange-traded products are set to decline for the first month in six after reaching a record
in December, platinum assets are up 9.3 per cent in January, the most since January 2010. Platinum and palladium are mainly used in vehicle auto catalysts and may benefit from faster economic growth.
—————–PTI