Gold Borrowing Costs at 13-Month Low Signal Availability
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The cost of borrowing gold dropped to a 13-month low in London, indicating more availability of metal amid signs of slowing demand from Asia.
One-month gold lease rates in London, the cost of borrowing the metal, fell to 0.0243 percent today, the lowest since June 19, 2013. The rate, derived by subtracting the gold forward offered rate from the London Interbank Offered Rate, declined from a seven-month high of 0.2702 percent set on April 17.