The precious metal initially rose after the ECB cut interest rates to a record low on Thursday and said it could take them lower still to prevent the euro zone's recovery from stalling as inflation tumbles.
Bullion later came under pressure after U.S government data showed economic growth accelerated in the third quarter as businesses restocked shelves. However, the slowest expansion in consumer spending in two years suggested an underlying loss of momentum.
A recent strong run of the equities market on a better economic outlook also sapped momentum in gold, a traditional safe haven, analysts said. U.S. stocks measured by the S&P 500
index fell on Thursday but stayed within striking distance to a record high set last week.
Spot gold was down 0.9 percent at $1,305.71 an ounce by 2:19 p.m. EST (1959 GMT), having earlier hit $1,298.31, the lowest since Oct 17.
U.S. gold futures for December delivery settled down $9.30 at $1,308.50, with trading volume about 10 percent above its 250-day average, preliminary Reuters data showed, reversing a recent trend of weak turnover.
Gold prices have fallen 20 percent this year on expectations that the Federal Reserve would taper its economic stimulus program.
Analysts say Friday's U.S. jobs report for October may provide the most telling insight into the impact of a government shutdown last month that may provoke an extended continuation of Fed bond-buying.
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