Gold futures rose as Europe’s mounting fiscal woes boosted the appeal of precious metals as a haven. Silver prices climbed 2 percent.
The Federal Reserve will release minutes from its April meeting at which the Federal Open Market Committee said it would cut bond buying as the economy picks up after winter weather slowed first-quarter growth.
Gold may gain for a second day in New York as concern about Europe’s sovereign-debt crisis and slowing economic growth spur demand for the metal as an alternative investment.
Gold declined in London as the dollar strengthened after North and South Korea exchanged artillery fire. Other precious metals dropped, led by palladium.
Muenze Oesterreich AG , the Austrian mint that makes the best-selling gold coin in Europe and Japan, said sales jumped in recent weeks on concern that Greece’s fiscal crisis will hurt the euro.
Gold may rise for a fourth day in New York as concern about Europe’s debt crisis spurs demand for a protection of wealth and as China’s bullion imports surged. Palladium climbed to a nine-year high.
"Follow-through selling was lacking and gold did not stray too far south."
- Edel Tully on Dec 08, 2014
UBS’S Tully Says Price of Silver Has ‘Overshot’