Gold drops from 4-mth high after Russia military drill ends

Written by Press Trust of India | London | Updated: Mar 4 2014, 23:14pm hrs
GoldGold fell 0.8 pct to $ 1,339.25 an ounce. It reached $ 1,354.87 yesterday, a highest since October 30. PTI
Gold today fell from the highest price in more than four months after a report that Russia ended military exercises in its western area as scheduled, lessening demand for a haven.

Gold fell 0.8 per cent to USD 1,339.25 an ounce. It reached USD 1,354.87 yesterday, a highest since October 30. Silver also fell 0.6 per cent to USD 21.29 an ounce.

Bullion rose 2.1 per cent yesterday as Ukraine said Russia ordered Ukrainian warships in Crimea to surrender. Russia's President Vladimir Putin ordered troops to return to bases, Interfax said, citing the president's spokesman Dmitry Peskov.

Gold gained 11 per cent this year, rebounding from the biggest annual decline since 1981, as signs of slowing economic growth increased demand.

US data yesterday showed that manufacturing and consumer spending beat analysts' estimates after Federal Reserve Chair Janet Yellen said last week the central bank is "open to reconsidering" the pace of stimulus cutbacks should the economy weaken.