Gold Futures Fall on Disappointing Economic Data

Gold futures declined on Monday in reaction to negative economic data from euro zone, United States and the China. ISM’s manufacturing index gained to 57.3 percent for February as compared to 56.8 percent in prior month. Factory orders declined 1 percent for January according to the US Commerce Department. China also lowered its economic growth target to 7.5 percent further creating uncertainty among investors.

Gold futures contract for April delivery fell 0.3 percent or $5.90 to settle at $1,703.90 per ounce on the Comex trading of the New York Mercantile Exchange. Gold has been under pressure since last week when US Federal Reserve’s Chairman Ben Bernanke indicated for the third round of quantitative easing program.

Silver futures contract for May delivery declined 2.5 percent or $0.87 to settle at $33.69 per ounce. Senior market strategist, Charles Nedoss from Olympus Futures in Chicago commented, “Gold and silver have been left in precarious technical positions, I don’t think the lows are here yet for gold, and silver has outpaced gold on its way up and it is doing the same thing on its way down.”

Among other metals, copper futures contract for May delivery fell $00.04 to $3.86 per pound. Platinum futures for April delivery fell $29.10 to settle at $1,662.60 per ounce while palladium futures contract for June delivery declined $5.60 to settle at $706.95 per ounce.


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