Monday, April 21, 2014

Gold retreat as economic indicators became lower

Gold retreated to the lowest level in more than two weeks as a technical indicator used by some traders signaled further declines. Silver also fell. Bullion for June delivery fell as much as 0.9% to $1,281.80 an ounce, the lowest since April 2, and was at $1,287.10 an ounce. Prices lost 1.9% last week to $1,293.90, closing below the 200-day moving average. The metal has pared this year’s advance to 7% as investors assessed prospects for further cuts to the Federal Reserve’s stimulus program amid signs of recovery in the world’s largest economy. While tension between Ukraine and Russia spurred gains in the past month, there has been little physical buying at current prices. The investors more than doubled bets on lower prices in the past month, while reducing wagers on a rally in six of the past seven weeks. Gold futures were traded at $1285.10 per ounce for April contract on this morning and $1,284.90 per ounce for May contract.

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