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Gold keeps falling on stronger dollar

English.news.cn   2014-02-01 05:07:15

CHICAGO, Jan. 31 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange kept falling Friday on a stronger dollar.

The most active gold contract for April delivery fell 2.7 U.S. dollars, or 0.22 percent, to settle at 1,239.8 dollars per ounce.

Gold prices gained about 3.1 percent in January but lost around 1.9 percent for the week.

A stronger dollar and profit taking continued to weigh on gold. Besides, further scaledown in bond purchase by the Federal Reserve will start on Feb. 1, negative to gold.

Market analysts do not expect much physical demand from China in the next week as Chinese New Year celebrations started on Jan. 31.

Nevertheless, gold still found some support on lower U.S. stock markets, as well as on the financial chaos in some emerging countries.

U.S. economic data released Friday came mixed. The Bureau of Labor Statistics said the employment cost index, which measures the price of U.S. labor, rose 0.5 percent in the fourth quarter.

U.S. Commerce Department said that consumer spending rose a seasonally adjusted 0.4 percent in December, higher than market expectation of 0.2 percent. The Chicago PMI fell in January to 59. 6 from an revised 60.8 in December, and employment weakened for the second straight month, the Institute for Supply Management said.

Gold prices probably haven't hit bottom yet, market analysts believe.

Silver for March delivery lost 0.6 cent, or 0.03 percent, to close at 19.12 dollars per ounce. Platinum for April delivery shed 6.6 dollars, or 0.48 percent, to close at 1,375.7 dollars per ounce.

Editor: Mengjie
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