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Gold extends losses as haven demand wanes

Posted on 28 March 2014

Gold prices sank to a six-week low on Thursday as signs of improving U.S. economic growth and easing concerns about Ukraine sapped investor interest in the haven asset. Gold for April delivery, the most active contract, fell $8.70, or 0.7%, to $1,294.70 a troy ounce on the Comex division of the New York Mercantile Exchange. This was gold’s lowest settlement price since Feb. 11, when futures closed at $1,295 an ounce.
Gold had rallied over the first two months of 2014 as investors sought to protect their wealth from risks such as a slowing U.S. economy, turbulence in emerging markets, and a political crisis in Ukraine. Gold is considered by some traders as a safer investment than currencies or Treasury bonds, because the precious metal’s value isn’t tied to a government or country………………………………Full Article: Source


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