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Updated 23:52 19/02/20

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Gold falls on upbeat economic data

Victoria Hewitt-Marsh, News Editor
31 Jan 2014, 10:52 a.m.

Gold dropped 2% yesterday, it's largest one day decline for over a month following the Federal Reserve’s decision to taper its monthly asset program by a further $10bn per month and the release of positive economic data from the U.S.

The S&P closed 1% higher after better than expected U.S. household spending and export data resulted in the U.S. economy expanding by 3.2% in the fourth quarter of 2013.

Silver, Platinum and Palladium all traded lower yesterday.

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