Gold
fell to near a five-year low as stronger-than-expected U.S. economic
data boosted speculation that the Federal Reserve will raise interest
rates before the end of this year, damping the metal’s appeal as a store
of value.
Orders
for business equipment in the U.S. climbed more than economists
forecast in October, indicating steady domestic demand, and jobless
claims dropped to the lowest in a month. The data add to signs the
economy may be strong enough to withstand higher rates, which damp the
appeal of gold because it doesn’t pay interest, unlike competing assets.
Gold
has fallen the last five weeks, the longest stretch of losses since
July. Fed-fund futures show a 74 percent change that officials will
tighten monetary policy by their Dec. 15-16 meeting. San Francisco Fed
President John Williams said on Saturday that there’s a “strong case”
for a December rate increase if U.S. data hold up.
Gold
futures for February delivery dropped 0.3 percent to settle at
$1,069.70 an ounce at 1:42 p.m. on the Comex in New York. The metal
touched a five-year low of $1,062 on Nov. 18.
Holdings
in gold-backed exchange-traded products fell for a fifth straight day
to 1,494.28 metric tons on Tuesday, data compiled by Bloomberg show.
Assets are at the lowest since February 2009.
Silver futures for March delivery slid 0.1 percent to $14.175 an ounce on the Comex.
Source: Bloomberg
0 komentar :
Post a Comment