Markets

Gold Futures Decline to Lowest Since August on U.S. GDP Numbers: Report

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More