Gold futures fell for
the third time in four sessions on concern that U.S. policy makers will
raise interest rates amid signs of economic growth.
Sales of American
Eagle gold coins by the U.S. Mint fell 11 percent last month from a year
earlier. Data due Feb. 6 will probably show U.S. employers added
230,000 workers last month, according to economists surveyed by
Bloomberg.
A statement from the
Federal Reserve on Jan. 28 that cited œsolid U.S. growth damped
speculation that the central bank would delay raising interest rates.
The next day, gold tumbled 2.4 percent, the most since December 2013.
The metal jumped 8 percent in January as officials in Europe and Asia
announced stimulus to bolster stagnating economies.
Gold futures for April
delivery fell 0.2 percent to settle at $1,276.90 an ounce at 1:58 p.m.
on the Comex in New York. Aggregate volume was 33 percent below the
100-day average, according to data compiled by Bloomberg.
The metal pared losses
of as much as 1 percent after the Institute for Supply Management said
its manufacturing index declined to 53.5 in January from 55.1 in
December, a sign weakness in overseas markets is restraining U.S.
factory output.
Source : Bloomberg
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