Gold
dropped for the third time in four sessions as the outlook for low U.S.
inflation cut demand for the metal as a store of value.
Gains
for consumer prices remain tepid, a government report showed last week.
While inflation hasn’t reached the Federal Reserve’s 2 percent goal
since April 2012, policy makers in December raised interest rates for
the first time in almost a decade as the labor market improved. Higher
rates coupled with stable inflation erode investor demand for gold,
which doesn’t pay interest or offer dividends. The metal has dropped
almost 10 percent this year.
Gold
futures for February delivery slid 0.7 percent to settle at $1,068.30
an ounce at 1:45 p.m. on the Comex in New York. Trading was about 50
percent below the 100-day average for this time, according to data
compiled by Bloomberg.
Holdings
in global exchange-traded funds backed by bullion touched a six-year
low of 1,458.19 metric tons on Dec. 17. Assets were at 1,470.29 tons on
Dec. 23, the latest data compiled by Bloomberg show.
Silver
futures for March delivery dropped 3.4 percent to $13.884 an ounce on
the Comex, the biggest loss since Dec. 17. On the New York Mercantile
Exchange, platinum futures for April delivery fell 0.2 percent to
$882.60 an ounce, while palladium futures for March delivery slumped 1.3
percent to $551.95 an ounce.
Source: Bloomberg
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