Gold sinks in New York

September 07, 2013


Gold sank almost 2 percent to two-week lows on Thursday as upbeat US economic data heightened expectations the US Federal Reserve may soon rein in its massive stimulus program that has bolstered bullion prices. The European Central Bank’s pledge to keep interest rates low reversed early gains in bullion, while a lack of progress in any US military action against Syria further weighed on the precious metal’s safe-haven status.

Selling in gold accelerated and pushed prices down to $1,364.91 an ounce, their lowest level since August 22, after data showed growth in the US services sector accelerated in August to its fastest pace in almost eight years. By 4:00 pm EDT (2000 GMT), the spot price of gold was down 1.6 percent at $1,368.01 an ounce, adding to Wednesday’s 1.5 percent drop. US gold futures for December delivery settled down $17, or 1.2 percent, at $1,373 an ounce. Silver was down 1.1 percent to $23.18 an ounce, while spot platinum was down about 1 percent to $1,479.24 an ounce. Spot palladium was down 1.6 percent at $684.47 an ounce. Courtesy Reuters

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