Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday, as upbeat sentiment on equities and positive U.S. growth data dented the appeal of the safe-haven asset.
The most active gold contract for February delivery dropped 9.5 dollar, or 0.74 percent, to settle at 1276.7 dollars per ounce.
U.S. stocks rallied Thursday, with major equity indexes hitting records as investors grew more optimistic about the prospects for a tax overhaul out of Washington. The rallying U.S. stock market is a bearish element for the competing asset class of precious metals.
The metal deepened its loss slightly after an earlier round of economic data did little to sway markets from expectations for an interest-rate hike later this month.
As for other precious metals, silver for March delivery went down 8.7 cents, or 0.53 percent, to close at 16.474 dollars per ounce. Platinum for January delivery rose 1.3 dollars, or 0.14 percent, to settle at 942.5 dollars per ounce. Enditem
The most active gold contract for February delivery dropped 9.5 dollar, or 0.74 percent, to settle at 1276.7 dollars per ounce.
U.S. stocks rallied Thursday, with major equity indexes hitting records as investors grew more optimistic about the prospects for a tax overhaul out of Washington. The rallying U.S. stock market is a bearish element for the competing asset class of precious metals.
The metal deepened its loss slightly after an earlier round of economic data did little to sway markets from expectations for an interest-rate hike later this month.
As for other precious metals, silver for March delivery went down 8.7 cents, or 0.53 percent, to close at 16.474 dollars per ounce. Platinum for January delivery rose 1.3 dollars, or 0.14 percent, to settle at 942.5 dollars per ounce. Enditem
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