Weekly Update (2/24 – 2/28): Gold headed for the first back-to-back monthly gain since August as concern that the U.S. recovery may be losing momentum and turmoil in emerging markets boosted haven demand.
Prices are up 7 percent this month and reached a 17-week high of $1,345.46 on Feb. 26. Holdings in ETPs are up 0.3 percent in February after declining last year for the first time since the first product was introduced in 2003, data compiled by Bloomberg show.
Bullion rose 11 percent this year as U.S. data that missed estimates, including reports on factory output and retail sales, added to concern the recovery may be faltering just as the Federal Reserve tapers bond buying.
In other precious metals news: Silver rose 0.3 percent to $21.3329 an ounce, advancing 11 percent in February for the first monthly gain since October. Platinum lost 0.2 percent to $1,450 an ounce, trimming a third monthly increase, while palladium added 0.1 percent to $743 an ounce, set for the first month of gains in four.
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