Gold futures on the COMEX division of the New York Mercantile Exchange ended with small losses on Tuesday (Wednesday morning GMT ) , as traders await economic data this week for clues plan to reduce the U.S. Federal Reserve stimulus programs .
The most active gold contract for February delivery dropped 1.1 dollars , or 0.09 percent , to close at 1,220.8 dollars per ounce . The price of gold futures , for the second day in a row , settling at its lowest point since July 5 , the statistics show .
According to market analysts , the U.S. economy and the U.S. equity market is slowly recovering , investors saw little need for hard assets such as gold . Furthermore , speculation that the Fed will soon begin to slow the rate of monetary stimulus as signs of improvement in the U.S. economy also weighed on gold prices on Tuesday .
U.S. manufacturing grew at the fastest pace in more than two years last month , a report from the Institute of Supply Management ( ISM ) showed on Monday ( 2/12 ) . Data payroll ( payroll ) of Americans are likely to increase by 181,000 in November , according to a Bloomberg survey ahead of a Labor Department report that is scheduled to be released on December 6th .
Gold futures have lost about 27 percent so far this year ( to December 3 ) , because the gold loses its appeal as an investment when equity hedge rose . While the S & P 500 in the same period increased by about 25 percent .
Silver for March delivery fell 22.4 cents , or 1.16 percent , to close at 19.065 dollars per ounce , according to Xinhua
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