Gold
futures settled lower on Thursday, suffering from their largest one-day
dollar and percentage declines since mid-December as a climb in U.S.
equities helped to dull the metal’s investment appeal.
February
gold fell $13.50, or 1.2%, to settle at $1,073.60 an ounce. That was
its lowest settlement since Jan. 5 and the largest dollar and percentage
losses since Dec. 17. Prices finished higher Wednesday as U.S. stocks
were driven down to lows not seen since August.
Gold
prices turned lower Thursday after Wall Street stocks rebounded from
early losses. The Dow Jones Industrial Average was up roughly 1.6% and
the S&P 500 was up about 1.8% when gold prices settled.
Some
gold watchers blamed gold’s decline on investors consolidating profits
after the yellow metal has risen steadily in 2016 as concerns about
sluggish global growth and geopolitical tensions has fueled haven
buying.
Source: Marketwatch
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