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Gold Hovers Around $1240, Stocks Rally Eyed

ByICN.com
Published 01/15/2014, 06:08 AM
Updated 07/09/2023, 06:31 AM
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Gold drifted away from a one-month high, falling around $1240 an ounce early Wednesday as equities rebounded following yesterday`s selloff in the wake of improving economic outlook.

Last week`s rally in bullion market continues to ease as the metal`s safe haven appeal was hammered again after yesterday`s strong US retail sales data, with a newly-released report from the World Bank, calling global growth to pick up in 2014. The Bank believes growth will accelerate from 2.4% in 2013 to 3.2% this year, 3.4% in 2015, and 3.6% in 2016.

As of 03:17 EST, Spot Gold was down 0.42% at $1,240.06 an ounce, moving in a tight range between $1,238.60 and $1,246.50, compared with the previous close at $1,245.35.

- Spot Silver +0.21% at $20.38 an ounce

- Spot Platinum +0.05% at $1,442.30 an ounce

- Spot Palladium +0.05% at $739.55 an ounce

- Spot Silver -0.94% at $20.10 an ounce

- Spot Platinum -0.94% at $1,419.40 an ounce

- Spot Palladium -0.31% at $735.85 an ounce

The broad outlook of the gold market continued to be driven by the expectations of the US economic recovery is taking hold. The rally that was inspired by last week`s US employment data ran out of steam as analysts forecast the Federal Reserve will continue to wind down monetary stimulus amid growign signs the world`s largest economy will be adding more steam into this year.

December retail sals data suggest the US economy was set for stronger growth in 2014. The economy grew at 4.1% in the third quarter, the fastest pace in almost four years. fourth-quarter GDP growth estiamtes range as high as 3.9%.

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