News: Gold in four-session slide

  1. Gold futures registered a fourth straight day of losses overnight in New York, settling lower on a stronger U.S. dollar and a rally in global markets.

    Gold for December delivery lost 0.2% to settle at US$1,122.60 an ounce on the Comex.

    Also weighing on gold was a second estimate of gross domestic product from the Commerce Department, which showed that second-quarter growth in the U.S. economy was revised higher to 3.7%.

    The better-than-expected estimate points to a stronger economy, delivering a fillip to the dollar and raising the potential for a U.S. Federal Reserve interest-rate hike—both of which can send gold prices lower.

    Other metals ended higher as prospects for Chinese metals demand started to improve.

    September silver gained 2.7% to US$14.417 an ounce. September high-grade copper jumped 3.8% to US$2.334 a pound.

     

 
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