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

Tags: 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.

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