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Gold Falls a 4th Day as U.S. Recovery Signs Curb Demand
Gold declined for a fourth day in London, extending the first back-to-back quarterly losses in 12 years, as signs that the U.S. economy is recovering cut demand for the metal as a protection of wealth. Silver slid.
The dollar reached a four-month high versus the euro after data showed yesterday orders for U.S. durable goods climbed more than forecast in February and home prices increased in January the most since June 2006. Dallas Fed Bank President Richard Fisher said yesterday in Abu Dhabi that he favors tapering asset purchases as the U.S. economy improves.
“The U.S. appears the picture of stability and relative strength” Xiao Fu, an analyst at Deutsche Bank AG in London, wrote today in a report. “This has, in our view, been a key contributor to the moribund performance of gold.”
Gold for immediate delivery fell 0.3 percent to $1,594.84 an ounce by 9:38 a.m. in London. Futures for June delivery were 0.1 percent lower at $1,595 on the Comex in New York. Futures trading volume was 17 percent above the average in the past 100 days for this time of day, according to data compiled by Bloomberg.
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