Gold futures book 3-day loss and settles below $1,300
ecPulse
2014-07-24 19:58PM UTC
Gold futures fell for the third straight session on Thursday to settle below $1,300 for the first time in more than a month as investors decided to ditch the haven metal for an improving global economic outlook. Gold futures for August delivery sank $13.90, or 1.1 percent, to settle at $1,290.80 an ounce Thursday. That`s the lowest settlement price since June 18. The Labor Department said Thursday that the number of people applying for unemployment benefits last week dropped to the lowest level since February 2006, almost two years before the Great Recession started. In a separate report out Thursday, a gauge of manufacturing in China reached an 18-month high. Markit`s Composite Purchasing Managers` Index (PMI) of companies across the euro zone rose to 54.0 in July from 52.8, its highest since April. Equities across Europe edged higher on the news, as investors again shrugged off worries about Russia`s relationship with the West. Germany`s figures also came in better than expected, with the manufacturing PMI rising to a three-month high of 52.9. Note that the August Gold contract expires on Monday and the Federal Reserve begins a two day FOMC meeting with a policy announcement to follow next Tuesday and Wednesday. Although the market may continue falling, no major moves are expected until the Fed speaks next week. While the market isn`t anticipating anything out of the ordinary from Janet Yellen and the voting members of the FOMC, markets may await a confirmation before resuming any trends in the market. In other trading, news of stronger Chinese manufacturing gave copper prices a boost. Copper for September climbed 6 cents, or 1.75 percent, to $3.26 a pound.
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