Gold hovers below 3-month high: report

Singapore: Gold was little changed below a three-month high on Thursday as investors awaited a string of key data releases later in the day to gauge the strength of the global economy and the fate of stimulus measures by central banks.          

Fundamentals    

Spot gold was flat at $1,326.10 an ounce, not too far from a 3-month high of $1,332.10 hit earlier in the week. US data on jobs, unemployment and trade in expected on Thursday, while the outcome of European Central Bank policy meeting will also be announced.    

Weaker-than-expected data and continued stimulus measures would keep gold prices supported. Data on Wednesday showed U.S. private-sector hiring hit a 1-1/2-year high in June, reinforcing views that momentum was building to carry the economy through the rest of the year after a dismal start.     

Collusion among banks in setting the gold price benchmark was possible but there is no evidence of this, a senior British regulator said on Wednesday when answering lawmakers' questions on the trustworthiness of the gold market.      

India's central bank said on Wednesday it has sought quotes from banks to swap gold in its own vaults for international-standard gold, aiming to improve the management of its reserves. Platinum was holding close to a 10-month high of $1,517.50 hit on Wednesday as supplies worries persisted even after producers in South Africa resumed work after a 5-month strike.