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24-Nov2016

Gold futures end lower on Wednesday

Gold futures ended lower on Wednesday on stronger-than-expected US economic data helped to boost the dollar and further supported the possibility of an interest-rate increase at the next Federal Reserve policy meeting in mid-December. The Commerce Department released a report showing that the US durable-goods orders rose 4.8% from a month earlier because of stronger demand for commercial aircraft and parts. However, a separate Commerce Department report showed that new home sales fell by much more than anticipated in October.

Gold futures for December delivery declined $21.90 or 1.8 percent, to settle at $1,189.30 an ounce on the Comex division of the New York Mercantile Exchange. While, spot gold was down 1.9 percent at $1,188.82 an ounce.

 


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