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Commodities Briefing - Categorized | Bullion/Gold, Market Moves more

Gold sinks almost 2pct on Goldman forecast cut, Fed

Posted on 11 April 2013

Gold futures on Wednesday dropped almost 2% as Goldman Sachs cut its price forecast on the metal, the dollar strengthened, equities rallied and Federal Reserve officials offered mixed signals on the duration of its bond-buying program. Adding pressure to prices, Cyprus officials reportedly said they plan to sell some gold reserves to contribute to the country’s bailout.
Gold for June delivery sank $27.90, or 1.8%, to settle at $1,558.80 an ounce on the Comex division of the New York Mercantile Exchange. That was the biggest one-day dollar and percentage loss for a most-active contract since November and the lowest closing level since April 4, according to FactSet data………………………………………..Full Article: Source

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