Gold fell
the most in a week as declining U.S. jobless claims signaled a strengthening
economy and cut demand for haven assets. The fewest Americans in seven
years filed applications for unemployment benefits last week as the
labor market continued to improve. Gold prices tumbled 28 percent in 2013, the
biggest annual decline since 1981, as equities rallied and the U.S. economy
accelerated.
Bullion
holdings through exchange-traded products reached the lowest since 2009 this
week as some investors lost faith in the metal as a store of value after the Federal
Reserve cut stimulus.
Gold futures
for June delivery dropped 0.7 percent to $1,296.20 an ounce, heading for the
biggest loss since May 7. The metal has rebounded in 2014, climbing 8.6
percent this year through yesterday, as tensions mounted between Ukraine and
Russia.
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