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Wednesday, February 26, 2014

Gold prices fell

Gold prices fell

 Gold futures on the COMEX division of the New York Mercantile Exchange ended down on Wednesday ( Thursday morning GMT ) , as sales of new homes in the U.S. are passionate .

The most active gold contract for April delivery fell 14.7 U.S. dollars , or 1.09 percent , to settle at 1,328 dollars per ounce . This is the first decline in gold prices in the last four sessions , Xinhua reported .

Data released Wednesday showed that sales of new single-family homes in the U.S. rose 9.6 percent in January to an annual rate of seasonally adjusted 468,000 , the fastest pace in more than five years and beat economists' expectations .

Economic figures are better than expected pushing the U.S. dollar and the stock market rose , which in turn suppress the gold price .

Civil unrest in Ukraine and Thailand recently provided support to gold , gold technical chart put up . However , in the future it looks unsustainable rise as the SPDR Gold Trust continue to see an exodus of capital .

Opinions split . While some market analysts expect gold prices to move down to 1,050 U.S. dollars per ounce in July , others think it is likely the price of gold will rise to U.S. $ 1,500 by the end of the year , driven by strong demand from India and China .

Investors are also waiting for the testimony of the Chairman of the U.S. Federal Reserve Janet Yellen told the Senate Banking Committee on the economy and monetary policy on Thursday .

Silver for March delivery lost 70.9 cents, or 3.23 per cent to close at 21.254 dollars per ounce . Platinum for April delivery dipped 13.5 dollars, or 0.94 percent, to close at 1429.1 U.S. dollars per ounce .

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