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Gold Extends Losing Streak As Equities Surge

ByICN.com
Published 12/30/2013, 03:58 AM
Updated 07/09/2023, 06:31 AM
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Gold tumbled for the first time in five days as traders shifted their money to equities, offsetting the yellow metal`s shine before the New Year.

The bullion market is ready to post its biggest annual loss in more than three decades, with price dropping nearly 30% so far this year after equities rallied to the highest since 2008 and inflation failed to accelerate. Meanwhile, bulls remain less bullish on gold, especially after the Federal Reserve said it would gradually wind down its bon-buying program, or quantitative easing starting in January.

Spot Gold was down 0.70% at $1,205.47 an ounce as of 03:24 EST, compared with Friday`s close at $1,213.92.

Earleir this month, official data from the world`s largest economy signaled GDP expanded by 4.1% in the third quarter, beating analysts’ median forecast of 3.6% growth, this year’s latest sign that the economic recovery is adding more steam.

Strong US data has always been the fire that stoked speculation the Fed will being winding down stimulus, but that not’s over yet while market participant await more data in the week ahead, including key reports on durable goods orders, new home sales and jobless claims.

Speaking of physical demand, which has helped gold rebound slightly, but pressure from record-high stock markets in the US has dimmed the prospect for gold markets on the near horizon, as the yellow metal stands ready to end a 13-year winning streak today.

The sideway trade remains the main theme in the precious metal markets. Other spots were also trading lower in the same rangebound.

- Silver was down $1.97$ at $19.70 an ounce

- Platinum was down 0.76% to $1,365.85 an ounce

- Palladium was down 0.53% to $708.80 an ounce.

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