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Monday, January 6, 2014

Gold prices fall amid U.S. economic data varies



Gold prices fall amid U.S. economic data varies

Gold futures on the COMEX division of the New York Mercantile Exchange dipped on Monday (Tuesday morning GMT ) , as investors awaited the Federal Reserve's meeting minutes of December to get further clues about the central bank's monetary policy plan ahead .

The most active gold contract for February delivery dropped 0.6 dollars , or 0.05 percent , to close at 1,238 dollars per ounce , Xinhua reported .

Gold prices declined unexpectedly , a large but short in early trading , while gold prices fell by 30 U.S. dollars per ounce in large volumes . Some market analysts associate the "fall short " of price manipulation , while others think it's probably a mistake to trade or a large fund or bank to liquidate gold positions .

Most investors expect that the minutes of the Federal Open Market Committee meeting ( FOMC ) , the Federal Reserve in December which will be released on Wednesday ( 8/1 ) , will reveal a wider consensus for withdrawal of quantitative easing policy in 2014 .

Investors are also anticipating that December jobs data due on Friday ( 10/1 ) will be negative for gold , and as a result , the price of gold could fall to 1,200 U.S. dollars per ounce .

Economic figures from the United States , the world's largest economy , which was released on Monday came varied . The Institute for Supply Management ( ISM ) said its services index fell to 53 in December from 53.9 in November , the slowest pace in 2013 .

However the data still indicate expansion of activity , as the figure above 50 indicates expansion , it said the economy may remain moderate in the coming months .

Meanwhile , the Commerce Department said Monday that orders for goods produced in U.S. factories jumped 1.8 percent in November , higher than market expectations for a 1.6 percent increase .

Silver for March delivery lost 10.8 cents , or 0.53 percent , to close at 20.103 dollars per ounce , while platinum futures for April delivery rose 2.2 dollars , or 0.16 percent , to close at 1416.4 dollars U.S. per ounce .

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