Gold retreats for the second day from the six months high
amid the vote of Crimea, 60% of Crimea’s population voted for the independence
from Ukraine, and they added their wellness to be a part of Russia. This
morning, the Russian president Vladimir Putin declared the Russian situation
and their respect for the Crimean wellness to be included in the Russian lands a
day after the U.S. and European Union imposed limited sanctions on some people
linked to the annexation of the Ukrainian territory. Gold extended a decline
from a six-month high as speculation that the Federal Reserve will continue
cutting stimulus curbed demand for the precious metal as a store of wealth.
Silver fell. Gold advanced 13% this year as turmoil in Ukraine and signs of
slowing economic growth increased demand for haven assets. Prices rebounded
from the biggest annual slump since 1981 even as the U.S. central bank started
to scale back asset purchases. Data released on Monday showed U.S. industrial
output rose in February by the most in six months. The Fed begins a two-day
meeting today (Tuesday, March 18th).
Breaking the level of $1,360.00 per ounce, bullion for immediate
delivery declined by 3.0% during the last two days from the six months high of $1,387.6
per ounce to be traded at $1,357.70. Futures for April delivery declined by 2.5%
to $1,358.00 per ounce, just before the two days Fed meeting begins.
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