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Gold futures close lower after 5-session gaining streak

2014-03-18 08:22 Xinhua Web Editor: qindexing
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Gold futures on the COMEX division of the New York Mercantile Exchange ended lower on Monday, putting an end to a five-session gaining streak as a rally in U.S. equities drew investors away from the precious metal.

The most active gold contract for April delivery fell 6.1 dollars, or 0.44 percent, to settle at 1,372.9 dollars per ounce. Last week, gold prices rose sharply amid the geopolitical uncertainty surrounding the Crimea referendum.

U.S. equities climbed, contributing to gold's decline, following the upbeat U.S. economic data and the limited sanctions announced by the U.S. and the European Union, according to market analysts. On the economic front, U.S. data was mostly upbeat, dulling gold's safe-haven appeal.

An index of manufacturing conditions in the New York region showed modest improvement in March, industrial production climbed in February at the fastest monthly growth rate since August, and a gauge of confidence among home builders ticked up in March, reports said Monday.

The U.S. announced limited sanctions on seven Russian officials, two Crimea-based leaders and former Ukrainian President Viktor Yanukovych and his presidential chief of staff in response to the Crimea referendum. The EU earlier adopted sanctions against 13 Russian officials and eight Crimean officials.

Silver for May delivery lost 13.8 cents, or 0.64 percent, to close at 21.275 dollars per ounce.

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