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Gold Falls on Profit Taking
Feb 1,2013 09:16CST
industry news
Source:SMM
Gold futures on the COMEX division of the New York Mercantile Exchange fell Thursday on profit taking after a two-day climb.

CHICAGO, Feb.1 -- Gold futures on the COMEX division of the New York Mercantile Exchange fell Thursday on profit taking after a two-day climb.

The most active gold contract for April delivery fell 19.6 dollars, or 1.17 percent, to settle at 1,662 dollars per ounce.

For January, gold prices fell 0.8 percent, marking the fourth consecutive month of loss.

U.S. economic data released Thursday were mixed: the U.S. Labor Department announced the initial jobless claims jumped 38,000 to a seasonally adjusted 368,000 in the week ended Jan. 26, the highest level in one month and the biggest increase since the week after Superstorm Sandy.

The Commerce Department, in the meantime, said personal incomes rose a seasonally adjusted 2.6 percent in December thanks to a 34. 3-percent jump in personal dividend income in December, the fastest pace in eight years, while consumer spending rose 0.2 percent, in line with market expectations.

What's more, the Chicago purchasing managers index (PMI) rose to 55.6 percent in January, the best performance in nine months.

Market analysts do not expect a gold price run-up in the near term.

Silver for March delivery dropped 82.6 cents, or 2.57 percent, to close at 31.351 dollars per ounce. Platinum for April delivery lost 13.9 dollars, or 0.82 percent, to close at 1,675.4 dollars per ounce.

 

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