Gold
futures capped the biggest decline in three weeks as a stronger dollar
and plunging energy prices curbed demand for the metal. Silver plunged
the most in 17 months.
Benchmark
Brent crude yesterday fell the most in more than three years after the
12-nation Organization of Petroleum Exporting Countries kept its output
target unchanged, cutting golds appeal as an inflation hedge. The dollar
rose to a five-year high against a basket of 10 currencies on
speculation that lower energy prices will boost the U.S. economy, paring
demand for bullion as an alternative investment.
Gold
is heading for a second straight annual loss, the longest slump since
1998, after the dollar strengthened and inflation failed to accelerate
this year. Societe Generale SA trimmed its price forecast for bullion
this week, saying the Federal Reserve will boost interest rates by
mid-2015 as U.S. economic growth improves.
Gold
futures for February delivery fell 1.8 percent to settle at $1,175.50
an ounce at 12:51 p.m. on the Comex in New York, the biggest decline
since Nov. 5. Floor trading was shut yesterday for Thanksgiving.
Source: Bloomberg
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