Gold futures slipped in New York as U.S. equities traded near record highs, paring demand for the metal as an alternative asset.
The
Standard & Poors 500 Index of equities advanced to a record
yesterday. U.S. stocks fluctuated today, as reports showed the number of
Americans filing claims for unemployment benefits rose last week to the
highest since early September and orders for U.S. business equipment
unexpectedly fell in October.
Gold,
which has fallen 9.4 percent since the end of June amid a surging stock
market and stronger dollar, traded little changed most of the day. The
economic reports may help ease concern that the Federal Reserve will
soon raise interest rates, said David Meger, the director of metals
trading at Vision Financial Markets.
Gold
futures for February delivery declined less than 0.1 percent to settle
at $1,197.50 an ounce at 1:48 p.m. on the Comex in New York, the second
decline in three days.
Source: Bloomberg
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