The gold bears are back on the prowl.
Futures in New York
fell for the second time in three days amid mounting speculation that a
resilient U.S. economy will allow the Federal Reserve to raise interest
rates as soon as September. Prices extended declines as a private report
showed that American service industries in July expanded at the
strongest pace in a decade.
Gold tumbled to a
five-year low in late July on the outlook that the Fed will start
tightening monetary policy. Higher rates curb the appeal of bullion
because it doesn’t pay interest or offer returns, unlike competing
assets. Money managers have stayed net-short on the metal for two
straight weeks, and banks including Goldman Sachs Group Inc. predict
more declines for prices.
On the Comex, gold
futures for December delivery fell 0.5 percent to settle at $1,085.60 at
1:44 p.m. in New York. The metal reached a five-year low of $1,073.70
on July 24.
Source : Bloomberg
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