Tuesday, May 4, 2010

Gold Trades Near Five-Month High on Europe, Currency Concern

May 4 (Bloomberg) -- Gold traded near a five-month high in Asia as sovereign debt risks in Europe and volatile currencies led investors to the safety of bullion.

Gold for immediate delivery rose $1.13 to $1,183.30 an ounce at 8:18 a.m. in Sydney. The metal reached a peak of $1,187.80 yesterday, the highest intraday level since Dec. 4, before falling as the dollar jumped on a report showing stronger-than-expected manufacturing growth in the U.S.

Futures for June delivery advanced 60 cents to $1,183.90 an ounce on the Comex in New York. The contract rose 0.2 percent to settle at $1,183.30 yesterday.

Platinum for immediate delivery added $2.50 to $1,725.50 an ounce after declining as much as 1 percent yesterday after the dollar rose and April sales by carmakers including General Motors Co. and Ford Motor Co. missed analysts’ estimates.

Silver was little changed at $18.81 an ounce after rising as much as 1.2 percent to $18.865 an ounce yesterday, its highest since Jan. 11. Palladium rose 0.7 percent to $545 an ounce after falling 1.3 percent yesterday.