Sponsored Links
Gold prices fell for a second week with yet another modest loss Friday. With the dollar surging to levels not seen since last summer on risk aversion and mixed economic news from the US, the shine has come off of gold following its run to record highs above $1200.
April gold slipped a buck to $1075 an ounce, having dropped about $20 on the week. Demand concerns have also impacted gold along with most metals following China's steps to slow down its robust economy.
The dollar rose to a six-month high against the Euro after data showed U.S. economic activity expanded for the second consecutive quarter in the final three months of 2009, with the pace of gross domestic product growth far exceeding economist estimates.
A preliminary report released by the Commerce Department showed that gross domestic product increased at an annual rate of 5.7 percent in the fourth quarter compared to the 2.2 percent growth seen in the third quarter.
Meanwhile, activity in the Chicago-area manufacturing sector unexpectedly expanded at a faster pace in the month of January, with employment jumping to its highest level in nearly five years.
Rising manufacturing activity has fueled speculation that the economy is on the road to a sustainable recovery from the most severe recession in decades.
The Institute for Supply Management - Chicago's index of regional manufacturing activity jumped to 61.5 in January from 58.7 in December, with a reading above 50 indicting growth in the sector.
0 komentar:
Post a Comment