Gold Drops for Third Time in Four Sessions on U.S. Rate Concern

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Gold Drops for Third Time in Four Sessions on U.S. Rate Concern

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PT. Equityworld Futures – Gold futures fell for the third time in four sessions on concern that U.S. policy makers will raise interest rates amid signs of economic growth.

Sales of American Eagle gold coins by the U.S. Mint fell 11 percent last month from a year earlier. Data due Feb. 6 will probably show U.S. employers added 230,000 workers last month, according to economists surveyed by Bloomberg.

A statement from the Federal Reserve on Jan. 28 that cited œsolid U.S. growth damped speculation that the central bank would delay raising interest rates. The next day, gold tumbled 2.4 percent, the most since December 2013. The metal jumped 8 percent in January as officials in Europe and Asia announced stimulus to bolster stagnating economies.

Gold futures for April delivery fell 0.2 percent to settle at $1,276.90 an ounce at 1:58 p.m. on the Comex in New York. Aggregate volume was 33 percent below the 100-day average, according to data compiled by Bloomberg.

The metal pared losses of as much as 1 percent after the Institute for Supply Management said its manufacturing index declined to 53.5 in January from 55.1 in December, a sign weakness in overseas markets is restraining U.S. factory output.

Sumber : ewfpro.com

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