Gold futures stretched its drop from the highest level in more than three months despite expectations the US Federal Reserve minutes will reflect policy makers supporting additional stimulus cuts. Silver touched the longest rally in four decades. Bullion to be delivered immediately lost about 0.6% to $1,314.49 per ounce and was trading at $1,315.81 by 2:26 p.m. in Singapore.
The metal reached $1,332.45 yesterday, the most since October 31, before decreasing 0.5%. Gold to be delivered in April dropped 0.7% to $1,315.70 per ounce on the Comex. Gold ascended 9.1% this year as cues the US economy was not recovering in line with anticipations amplified haven demand. The Federal Reserve is about to release the minutes of its January meeting today as investors search for the stance of policy makers after New York manufacturing data traced estimates and US factory output dropped.
Gold went down 28% last year, the most since 1981, as US equities ascended and investment holdings dived. The central bank said in December that it would begin paring stimulus by cutting down monthly bond purchases by $10 billion. It agreed on another reduction of the same size last month, to $65 billion.
Cold Weather
The Fed Bank of New York’s Empire State manufacturing index sank to 4.48 in February. The US factory output plunged in January by the most since May 2009, the February 14 data showed. Yellen stressed economic activity may be affected by unseasonably cold weather this winter.
Silver to be delivered immediately profited 0.5% to $22.0448 per ounce, the greatest price since November 6, before trading 1.1% lower at $21.7016. Prices increased for a 13th day yesterday, the longest stretch since 1968. Palladium went down 0.2% to $735.50 per ounce, while platinum missed 0.6% to $1,415.38 per ounce.
The material has been provided by InstaForex Company – www.instaforex.com
Gold futures stretched its drop from the highest level in more than three months despite expectations the US Federal Reserve minutes will reflect policy makers supporting additional stimulus cuts. Silver touched the longest rally in four decades. Bullion to be delivered immediately lost about 0.6% to $1,314.49 per ounce and was trading at $1,315.81 by 2:26 p.m. in Singapore.
The metal reached $1,332.45 yesterday, the most since October 31, before decreasing 0.5%. Gold to be delivered in April dropped 0.7% to $1,315.70 per ounce on the Comex. Gold ascended 9.1% this year as cues the US economy was not recovering in line with anticipations amplified haven demand. The Federal Reserve is about to release the minutes of its January meeting today as investors search for the stance of policy makers after New York manufacturing data traced estimates and US factory output dropped.
Gold went down 28% last year, the most since 1981, as US equities ascended and investment holdings dived. The central bank said in December that it would begin paring stimulus by cutting down monthly bond purchases by $10 billion. It agreed on another reduction of the same size last month, to $65 billion.
Cold Weather
The Fed Bank of New York’s Empire State manufacturing index sank to 4.48 in February. The US factory output plunged in January by the most since May 2009, the February 14 data showed. Yellen stressed economic activity may be affected by unseasonably cold weather this winter.
Silver to be delivered immediately profited 0.5% to $22.0448 per ounce, the greatest price since November 6, before trading 1.1% lower at $21.7016. Prices increased for a 13th day yesterday, the longest stretch since 1968. Palladium went down 0.2% to $735.50 per ounce, while platinum missed 0.6% to $1,415.38 per ounce.
The material has been provided by InstaForex Company – www.instaforex.com
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