Gold is losing momentum after the best month in three years as gains in the equity market curbed demand for haven assets.
Prices settled little
changed Thursday and are down 3.4 percent since reaching a five-month
high in late January. The MSCI All-Country World Index of shares rose
for a fourth straight session, after posting losses in January and
December.
Gold futures for
delivery in April slipped 0.1 percent to settle at $1,262.70 an ounce at
1:41 p.m. on the Comex in New York. Prices are heading for a second
straight weekly loss, after jumping 8 percent in January.
Gold has risen 6.6
percent this year, boosted by concern that Greek debt negotiations will
undermine the region™s financial stability. The European Central Bank
said Wednesday that it will no longer accept junk-rated collateral from
Greece, citing doubt over the government™s commitment to previous reform
pledges.
Silver futures for March delivery fell 1.1 percent to $17.196 on the Comex, snapping four sessions of gains.
Source : Bloomberg
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