Gold futures declined for the third straight day as gains in the U.S. economy bolstered the case for higher interest rates.
Holdings
in the SPDR Gold Trust, the world™s biggest exchange-traded fund backed
by the metal, tumbled 1.6 percent yesterday to 712.9 metric tons, the
biggest drop since June 2013. That marked the lowest since September
2008. Futures fell 8.4 percent in the third quarter as the U.S. economy
gathered momentum.
Gold
slumped last month to a four-year low as the dollar™s rally against a
basket of 10 currencies to a five-year high and a surge in equities cut
demand for the metal as a store of value. Bullion headed for a
consecutive annual loss for the first time since 1998. Jobless claims in
the U.S. dropped to the fewest since early November, government data
showed today.
Gold
futures for February delivery fell 0.4 percent to close at $1,173.50 an
ounce at 12:36 p.m. on the Comex in New York, the lowest settlement
since Nov. 13. Aggregate trading was 67 percent below the 100-day
average for this time, according to data compiled by Bloomberg. In the
previous two days, the price declined 1.5 percent.
Silver
futures for March delivery dropped 0.4 percent to $15.71 an ounce, the
lowest settlement this month. In 2014, silver has tumbled 19 percent
this year, and gold fell 2.4 percent.
Source : Bloomberg
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