Gold futures reach $165

Prices climb on speculation

15/01/2013 NEWS PAY TALKS CROKE PARK (2)Patricia King SIPTU official speaking to reporters at Lansdowne House for pay talks with the the countrys union officials, yesterday. and government negotiators.Photograph: Cyril Byrne / THE IRISH TIMES

BLM) MJ50UP6KLVT3March 4 (Bloomberg) -- Gold futures climbed for the first time in four days in New York on speculation that central banks will continue stimulus to spur economic growth. China's services industry expanded at the slowest in five months in February, data showed yesterday, and data released last week showed manufacturing missed estimates. Physical gold demand picked up "markactivity has been mixed, which has seen prices become more volatile." Gold futures for April delivery rose 0.4 percent to $1,578.10 an ounce by 8:06 a.m. on the Comex in New York. Prices were little changed last week. Futures trading volume was 3 percent below the average in the past 100 days for this time of day. Gold for immediate delivery was up 0.2 percent at $1,578.94 in London. Bullion rallied the past 12 years as nations from the U.S. to China pledged more stimulus to bolster economic growth. The metal is down 5.8 percent this year and fell for a fifth month in February, the longest run of declines since 1997. Investors sold the most ever from exchange-traded products last month, and the 2,506 metric tons now held is 4.8 percent below the Dec. 20 record, data compiled by Bloomberg show. Silver for May delivery rose 0.8 percent to $28.705 an ounce in New York. It's down 5.1 percent this year and reached $27.925 on March 1, the lowest since Aug. 16. A close at $28.0808 would be a 20 percent drop from Oct. 4, the common definition of a bear market. Palladium for June delivery was up 0.8 percent at $725.90 an ounce. Platinum for April delivery gained 0.6 percent to $1,583.30 an ounce. It fell to a seven-week low of $1,565.50 on March 1.--Editors: Sharon Lindores, John DeaneTo contact the reporters on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net; Glenys Sim in Singapore at gsim4@bloomberg.netTo contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net