Gold holds below 15 week high as Fed cuts weighed against data

Tags: Gold, News
Gold today held below a 15-week high as investors weighed indications US policy makers will press on with stimulus cuts against weaker economic data.

Gold fell by 0.2 per cent to $1,320.80 an ounce and silver by 0.4 per cent to $21.73 an ounce.

Meanwhile, bullion added 0.2 per cent this week after climbing to $1,332.45 an ounce on February 18, the highest since October 31.

US reports since last week showed retail sales and factory output unexpectedly dropped in January and housing starts slumped, while a Chinese manufacturing index fell to the lowest level in seven months, data showed yesterday.

The Fed's January meeting minutes released this week signalled policymakers supported a continued decrease in bond purchases. They cut monthly bond-buying by $10 billion at each of the past two meetings, leaving purchases at $65 billion.

EDITORIAL OF THE DAY

  • PSU banks can take a lesson from their private peers on disclosures

    The country’s top private lenders ICICI Bank and Axis Bank declared their fourth quarter earnings recently and both stepped up their asset quality d

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Tushar Gandhi

An unexplored side of rural enterprise

What is rural enterprise? Ask this qu­estion and 9 out ...

Rajgopal Nidamboor

Timeless idiom of mindful living

Each of us, according to scholar-historian Felipe Fernandez-Armesto, is familiar ...

Dharmendra Khandal

So, how do we define a 'vermin'?

These days there’s an ongoing debate whether to declare various ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture