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Gold futures fall, adding to annual losses

English.news.cn   2013-12-31 05:34:25            

CHICAGO, Dec. 30 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange ended lower on Monday, setting for their biggest annual losses in more than 30 years.

The most active gold contract for February delivery fell 10.2 dollars, or 0.84 percent, to settle at 1,203.8 dollars per ounce. It has been a brutal year for gold, with the metal price down 28 percent since Jan. 1, FactSet data show.

According to market analysts, trading in gold is likely to remain thin with many investors still on holiday. Monday's only piece of major economic data did little to shift the market. Pending sales of new homes ticked higher in November for the first gain in six months, National Association of Realtors say.

Gold has tumbled 28 percent this year, set for the worst annual plunge since 1981. Some investors lost faith in the metal as a store of value amid a rally in equities and an improving economy, which prompted the U.S. Federal Reserve to pare its 85 billion dollars in monthly bond purchases.

Silver for March delivery fell 43.4 cents, or 2.16 percent, to close at 19.615 dollars per ounce.

Editor: Mu Xuequan
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