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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



 



 
Index Closing Chg%
Arrow DJIA 17,042.90 0.17
Arrow Nasdaq 4,493.39 0.28
Arrow S&P 1,972.29 0.28
Arrow FTSE 6,622.72 0.36
Arrow DAX 9,474.30 0.55
Arrow CAC-40 4,416.24 1.33
Arrow Nikkei 16,173.52 0.84
Arrow H.Seng 22,932.98 1.28
Arrow Sensex 26,630.51 0.13





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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln