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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