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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 17,031.14 0.26
Arrow Nasdaq 4,518.90 1.07
Arrow S&P 1,984.13 0.07
Arrow FTSE 6,804.21 0.04
Arrow DAX 9,659.63 0.09
Arrow CAC-40 4,428.63 0.29
Arrow Nikkei 15,948.29 0.25
Arrow H.Seng 24,356.99 0.97
Arrow Sensex 26,816.56 0.90





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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 $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln