Gold futures fell from a 10-week high on
speculation that the Federal Reserve will reduce U.S. monetary stimulus
this week, trimming demand for the precious metal as a store of value.
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The central bank in December cut monthly
bond purchases by $10 billion to $75 billion as the economy gained. The
Fed will reduce asset purchases by $10 billion at each meeting to end
the program this year, according to the median of forecasts by
economists this month in a Bloomberg survey. The officials begin a
two-day policy meeting tomorrow.
 Gold futures for April delivery declined
0.1 percent to settle at $1,263.50 an ounce at 1:38 p.m. on the Comex
in New York. Earlier, the price reached to $1,280.10, the highest for a
most-active contract since Nov. 18. Trading was 43 percent above the
average in the past 100 days for this time, data compiled by Bloomberg
showed.
Silver futures for March delivery gained 0.1 percent to $19.793 an ounce on the Comex.
On the New York Mercantile Exchange, platinum futures for April delivery fell 0.5 percent to $1,421.10 an ounce.
Palladium futures for March delivery
declined 1.7 percent to $722.55 an ounce on the Nymex. The price dropped
for the third straight session, the longest slump since Dec. 19.
Copy Source: Bloomberg
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