Gold Jumps as Japan Futures Fall Before GDP; Aussie Slips

SHANGHAI (Aug 12) Gold and silver climbed, while Nikkei 225 Stock Average futures (HIA) fell before data predicted to show Japan’s economy maintained growth last quarter. U.S. stock-index futures (NKA) declined after equity gauges capped their worst week since June. Australia’s currency pared gains.

Gold added 1.1 percent, rising a fourth day, as silver headed for a more than two-month high and platinum and palladium also rose. Futures on the Nikkei were bid at 13,570 by 8:05 a.m. in the Osaka pre-market, after closing at 13,670 in Japan Aug. 9 and 13,550 in Chicago. Standard & Poor’s 500 Index futures slipped 0.2 percent after the gauge lost 1.1 percent last week. The Australian dollar weakened 0.2 percent versus the greenback after climbing the most last week since 2011.

In Japan, home to this year’s best performing major developed stock market, the economy probably expanded an annualized 3.6 percent in the second quarter, from 4.1 percent in the first, according to a Bloomberg survey before data due today. A report Aug. 14 will show the euro region had its first quarter of growth since 2011, a separate poll showed. Newcrest Mining Ltd., San Miguel Corp. and State Bank of India are among MSCI Asia Pacific Index members reporting earnings today.

“Japan’s looking at a second quarter of pretty good growth which is a reflection of their efforts there starting to bear fruit,” Bevan Graham, chief economist at AMP Capital Investors in New Zealand, said by phone in Wellington. “We’re looking at a lot of the positive indicators we’ve seen globally feeding into the GDP numbers, indicating we’ll probably see a strong second half for growth which will feed into equity markets.”

Spot gold junped to $1328...up $13 in early Asian trading.