Gold plummets from three-month peak; Fed seen retaining taper
February 18, 2014 8:42 am
Gold futures retreated from the highest peak in more than three months, as speculations the Federal Reserve will keep on slowing stimulus in the US and the metal’s advance may dissuade physical purchases.
Bullion to be delivered immediately fell 0.9% to $1,316.39 per ounce and was trading at $1,317.64 at 2:12 p.m. in Singapore. Prices earlier reached $1,332.45, the most since October 31. Gold gained 9.3% this year, recovering from the worst fall since 1981, as reports reflected the US wasn’t progressing as fast as prediction and as lower prices urged demand.
Fed Chair Janet Yellen said before while the labor-market recoup is far from complete, stimulus would be reduced in studied steps.
The US central bank pared its bond-buying program from $85 billion a month to $65 billion, following the two $10 billion reductions. The weaker US economic figure has followed a severe winter and Yellen noted the unseasonably cold temperatures may be influencing activity in the job market and everywhere else.
Gold to be delivered in April listed at $1,317.90 per ounce on the Comex, slightly changed from February 14. The US markets were shut yesterday for the President’ Day holiday and transactions will be booked today for settlement.
Silver to be delivered immediately plunged dropped 1% to $21.4785 per ounce and was trading at $21.5148. Platinum went down 0.8% to $1,418.63 per ounce, snapping a seven-day rally. Palladium missed 0.7% to $738 per ounce after increasing for nine days.
The material has been provided by InstaForex Company – www.instaforex.com
Gold futures retreated from the highest peak in more than three months, as speculations the Federal Reserve will keep on slowing stimulus in the US and the metal’s advance may dissuade physical purchases.
Bullion to be delivered immediately fell 0.9% to $1,316.39 per ounce and was trading at $1,317.64 at 2:12 p.m. in Singapore. Prices earlier reached $1,332.45, the most since October 31. Gold gained 9.3% this year, recovering from the worst fall since 1981, as reports reflected the US wasn’t progressing as fast as prediction and as lower prices urged demand.
Fed Chair Janet Yellen said before while the labor-market recoup is far from complete, stimulus would be reduced in studied steps.
The US central bank pared its bond-buying program from $85 billion a month to $65 billion, following the two $10 billion reductions. The weaker US economic figure has followed a severe winter and Yellen noted the unseasonably cold temperatures may be influencing activity in the job market and everywhere else.
Gold to be delivered in April listed at $1,317.90 per ounce on the Comex, slightly changed from February 14. The US markets were shut yesterday for the President’ Day holiday and transactions will be booked today for settlement.
Silver to be delivered immediately plunged dropped 1% to $21.4785 per ounce and was trading at $21.5148. Platinum went down 0.8% to $1,418.63 per ounce, snapping a seven-day rally. Palladium missed 0.7% to $738 per ounce after increasing for nine days.
The material has been provided by InstaForex Company – www.instaforex.com
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