Gold held near a three-week low as investors assessed prospects for slowing inflation spurred by slumping oil prices against signs of rising physical demand. Platinum was near the lowest level since 2009. Bullion for immediate delivery traded at $1,177.31 an ounce by 11:56 a.m. in Singapore from $1,176.44 yesterday, according to Bloomberg generic pricing. The metal sank to $1,170.76 yesterday, the lowest level since Dec. 1, as U.S. oil futures for February delivery tumbled 3.3 percent.
Assets in the SPDR Gold Trust were unchanged at 724.55 metric tons after rising 0.4 percent on Dec. 19. Trading of the Shanghai Gold Exchange’s benchmark bullion spot contract advanced on Dec. 18 to the highest since April 2013.
Gold for February delivery fell 0.2 percent to $1,177.10 an ounce on the Comex in New York. Futures dropped to $1,170.70 yesterday, the lowest intraday level since Dec. 1.