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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