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28-Jan2017

Gold futures end lower as dollar strengthens

Gold futures ended lower on Friday as the dollar strengthened against a basket of major currencies and recent all-time highs in major US stock indexes dulled demand for so-called haven investments. Though, some losses were capped as Treasury yields extended their losses in the wake of weaker-than-expected US economic data. The Commerce Department reported that gross domestic product increased by 1.9 percent in the fourth quarter following a 3.5 percent jump in the third quarter. Economists had expected GDP to climb by 2.2 percent. Also, there was an unexpected drop in new orders for durable goods in the month of December. The Commerce Department showed durable goods orders fell by 0.4 percent in December after tumbling by a revised 4.8 percent in November.

Gold futures for February delivery declined $1.40, or 0.1 percent to settle at $1,188.40 an ounce on the Comex division of the New York Mercantile. While, spot gold was up 0.1 percent at $1,190.06 an ounce.


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