Gold drops towards $1,300 per ounce as U.S. data exceeds expectations
Adam Pike, News Editor
27 Mar 2014, 11:47 a.m.
Gold dropped to $1,300 per ounce following the release of positive manufacturing data out of the U.S reduced gold’s appeal as a hedge against a faulting U.S. economy. Orders for U.S. manufactured goods picked up in February causing gold to fall to a 5 - week low.
Silver declined 0.9% to $19.74 per ounce, palladium decreased 0.9% to $774.60 per ounce and platinum dropped 0.8% to $1,401.50 per ounce.
In other news, Russia added a further 7.247 tonnes to their central bank reserves in February, whilst Turkey increased their gold reserves following a sharp contraction in January.
Barclays bank revised its 2014 gold forecast up to $1,250, saying the revised figure takes into consideration gold’s performance so far this year.