Thursday, July 24, 2014

Gold dropped below $1,300.00

Gold fell for a third day in London, reaching a one week low, as the outlook for an improving U.S. economy and stronger dollar reduced demand for a haven. The Standard & Poor’s 500 index rose to a record yesterday and earnings of companies including Facebook Inc. topped estimates. The dollar was little changed after reaching a five-week high versus a basket of 10 major currencies. 

On the other hand, Gold fell to the lowest level in a week as a rally in equities damped demand for an alternative investment amid concern that physical consumption is faltering. Data yesterday showed gold consumption in China, which surpassed India as the largest user last year, fell 19 percent in the first half of 2014. The metal isn’t likely to get support from Indian demand as import restrictions remain unchanged. 

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