Gold futures fell to the lowest since August after a report showed the U.S. economy grew more than forecast last quarter, damping expectations that the Federal Reserve will expand monetary stimulus, Bloomberg reported.
Gold futures for February delivery fell 1% to $1,650.80 an ounce on the Comex in New York, after touching $1,647.30, the lowest since Aug. 31. Through yesterday, the price was up 6.4% this year.
The metal is poised to close below its 200-day moving average near $1,668, a bearish signal to some analysts who study historical price patterns. A close below the level means gold could drop to $1,535 by the end of the first quarter, Dave Lutz, the head of exchange-traded fund trading and strategy at Stifel Nicolaus & Co. in Baltimore, said yesterday.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
