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Gold falls one percent in New York

Gold fell around 1 percent on Monday, retreating from a two-month high earlier in the session, as a steadier US equities market and jitters ahead of a key Federal Reserve meeting this week triggered profit taking. The metal was weighed down by expectations that the Fed could trim monetary stimulus further from the $10 billion-a-month reduction to its bond purchases decided in December.

The Federal Open Market Committee is scheduled to begin its two-day policy meeting on Tuesday. Bullion initially rallied toward $1,280 an ounce after data showed Chinese gold imports from Hong Kong surged to a record high in 2013. Spot gold was down 1.2 percent at $1,253.69 an ounce by 3:35 pm EST (2035 GMT), having hit a two-month high of $1,278.01. Last week, gold was up about 1 percent, its fifth consecutive weekly rise for the first time since September 2012.

US COMEX gold futures for February delivery settled down 90 cents an ounce at $1,263.40, with trading volume about 10 percent above its 250-day average, preliminary Reuters data showed. Year-to-date, gold is up more than 4 percent as slumping US stock markets prompted investors increase their gold positions by selling equities. Among other precious metals, silver was down 1.4 percent to $19.58 an ounce. Platinum fell 1.3 percent to $1,405.25 an ounce, while palladium dropped 1.9 percent to $718.10 an ounce.

Copyright Reuters, 2014



 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln