Gold futures slumped to an 18-week low as investors exited funds backed by the metal before a Federal Reserve policy meeting.
Holdings in gold
exchange-traded products fell for a 14th straight day Monday, the
longest run in more than a year. Almost 90 percent of economists
surveyed by Bloomberg predict Fed officials will drop a pledge to be
“patient” on raising interest rates from a policy statement due at the
conclusion of their gathering Wednesday.
The precious metal has
fallen 3 percent in 2015 on concern rates will rise, sending investors
to assets with better yield prospects such as bonds and equities. Money
managers have cut their gold net-long wagers for six straight weeks, and
ETP assets are at the lowest since Jan. 21.
Gold futures for April
delivery fell 0.4 percent to settle at $1,148.20 an ounce at 1:43 p.m.
on the Comex in New York. The price touched $1,141.60, the lowest since
Nov. 7, when the metal reached a four-year low of $1,130.40.
Source : Bloomberg
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