Gold hits 7-month low on worries on fate of Fed's stimulus

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U.S. gold fell to a more than seven-month low of $1,554.3 earlier in the day, and recovered to $1,560.40.  (Reuters) U.S. gold fell to a more than seven-month low of $1,554.3 earlier in the day, and recovered to $1,560.40. (Reuters)
SummaryU.S. gold fell to a more than seven-month low of $1,554.3 earlier in the day, and recovered to $1,560.40.

of physical buying in the region," said Brian Lan, Managing Director at GoldSilver Central Pte Ltd in Singapore, adding that in the longer run gold still remains attractive.

"As long as the problems in U.S. and European economies are not fully resolved and interest rates remain low, the macroeconomic environment should still be good for gold."

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, slumped 1.57 percent from the previous session to 1,299.164 tonnes on Feb 20, the lowest in more than five months.

Spot silver fell 0.2 percent to $28.47 an ounce, having fallen to a six-month low of $28.26 in the previous session.

Anglo American Platinum (Amplats) said persistent labour unrest was jeopardising investment in South Africa and warned that talks with government and unions may not lead to a reduction in its planned job cuts.

Spot platinum extended losses to the third straight session, down 1.3 percent to $1,623.74. Spot palladium fell 1.3 percent to $727.72, after falling more than 3 percent in the previous session – its sharpest daily decline in nearly four months.

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