Gold futures fell the most in 13 weeks after the outlook for higher U.S. interest rates damped demand for the precious metal as a store of value. Palladium rose to a 31-month high on supply concerns.
Gold declined from a six-month after U.S. industrial production increased more than expected, curbing demand for the metal as an alternative investment.
Silver posted the longest rally in at least 45 years on demand for an investment alternative amid concerns that the global economy will falter.
Gold futures climbed to the highest settlement price in five weeks as a slumping dollar boosted the appeal of the precious metal as an alternative asset.
Copper futures rose to the highest in almost six weeks on speculation that central banks will maintain policies aimed at boosting economic growth.
Gold fell to the lowest in more than a month on speculation that physical demand will slow during this week’s Lunar New Year holiday in Asia.
Gold rose to a one-week high in London after the Federal Reserve maintained the pace of U.S. bond purchases, boosting demand for the metal as a store of value. Silver and palladium advanced.
Copper futures rose after stronger economic growth bolstered the outlook for demand in China, the world’s largest consumer of the metal.
Copper fell the most in more than a week on speculation that budget woes will damp the economy in the U.S., the world’s second-biggest user of the metal.
Gold futures rose to the highest in two weeks on demand for a haven as the European Union moved closer to halting oil purchases from Iran, stepping up the confrontation over the Islamic republic’s nuclear program.
"People do not want gold in a rising interest-rate environment."
- David Meger on Mar 24, 2014
Meger of Vision Financial Says Fed Boosting Gold