Wednesday, May 28, 2014

Gold Extends Losses as U.S. Equities Climbed

Gold futures fell to a 15 week low in New York as U.S. equities climbed to a record, curbing demand for the precious metal as an alternative investment. A report yesterday showed an unexpected increase in durable goods orders boosted growth prospects for the U.S., the world’s largest economy.

Gold has declined 9.1% from a six-month high in March as the U.S. economy showed signs of improvement. Gold futures for August delivery fell 2% to settle at $1,265.70 per ounce yesterday after touching $1,264.50 per ounce, the lowest for a most-active contract since February 7. Trading was more than double the 100-day average for this time.

For today’s data, the electronic trading gold showed a deferent trend as it gained 0.2% to be traded at $1,265.47 per ounce rising from $1,263.20 per ounce during the morning session.

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