2013-02-18 · Kurt Wallace
Gold Advances as Price Drop Seen Boosting Demand; Silver Gains
Gold increased for the first time in a week on speculation prices near a six-month low may boost demand amid concerns that the U.S. economic recovery may slow. Silver climbed, while platinum was little changed.
Gold for immediate delivery gained as much as 0.3 percent to $1,614.75 an ounce and traded at $1,614.05 at 9:42 a.m. in Singapore. Prices dropped to $1,598.23 on Feb. 15, the lowest since August. Silver added 0.5 percent to $30.085 an ounce.
Bullion lost 3.7 percent this year as platinum surged 10 percent on optimism that the global economy was strengthening. Platinum was also boosted by supply concerns. Security guards at Anglo American Platinum Ltd., the world’s largest producer, used rubber bullets in clashes between rival labor groups at its Siphumelele mine in South Africa, injuring 12 people, the company said yesterday.