Gold
prices fell after the Federal Reserve signaled it™s on course for the
first interest-rate increase since 2006, boosting the dollar and eroding
demand for the metal as an alternative asset.
A
rout in oil prices and the dollar™s rally against major currencies in
the past six months crimped demand for gold. In 2014, the precious metal
posted a consecutive annual decline for the first time since 1998 as
gains in the U.S. economy signaled prospects for higher interest rates
amid muted inflation.
Gold
for immediate delivery fell 0.3 percent to $1,214.78 an ounce at 2:50
p.m. in New York, according to Bloomberg generic prices. The metal
gained 3.1 percent in the previous three sessions because of European
economic concerns.
On
the Comex in New York, gold futures for February delivery fell 0.7
percent to settle at $1,210.70 an ounce at 1:37 p.m.,before the Fed
announcement. Aggregate trading was 22 percent below the 100-day average
for for this time, according to data compiled by Bloomberg.
Source: Bloomberg
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