Gold futures fell the
most in 13 months and silver posted the biggest plunge since June 2013
as signs of a robust U.S. labor market cut demand for haven assets.
The two most-traded
gold options were bets on further declines, and prices for the contracts
doubled. Aggregate futures trading was 79 percent above the 100-day
average for this time of day, with silver 70 percent higher, data
compiled by Bloomberg show.
The fewest Americans
in almost 15 years filed applications for unemployment benefits in the
week ended Jan. 24. Economic activity œhas been expanding at a solid
pace, Federal Reserve officials said in a statement on Wednesday. The
outlook is lowering the appeal of precious metals, which rallied this
year amid speculation that the U.S. central bank would wait longer to
raise interest rates because of slowing foreign economies.
On the Comex, gold
futures for April delivery dropped 2.4 percent to settle at $1,255.90 an
ounce at 1:40 p.m. in New York, the biggest decline for a most-active
contract since Dec. 19, 2013.
Source : Bloomberg
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