Gold News & Info

Source: Marketwatch

San Francisco— Gold futures stumbled to a two-month low Thursday, squeezed by better-than-expected macroeconomic reports, a stronger dollar and concerns China is again preparing to move to tighten monetary policy to cool down its economy. Gold for February delivery fell $23.70, or 1.7%, to $1,346.50 an ounce on the Comex division of the New York Mercantile Exchange. It was the metal�s lowest close since Nov. 17. Gold has lost 5.3% since the end of 2010. Other metals also declined, with silver stumbling more than 4%.

A slew of reports � including jobless claims filed last week, sales of existing homes in December, and a January reading of manufacturing activity in the Philadelphia area � helped the dollar and took away some of investors� motivation to own gold. China reported a fourth-quarter gross domestic product beyond expectations, which fueled concerns of impending monetary tightening to cool off its economy. Gold broke below support around the $1,360 mark, which may also have trigger some technical selling, said Carlos Sanchez, a director at CPM Group in New York. Still, the metal�s �long-term trend remains intact,� he added. See full story.