Gold price falls 1 pct as impetus fades after three-day rally

Feb 18 2014, 22:24 IST
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Gold fell one percent after an unexpected three-day rally that saw it hurdle $1,332 an ounce. Reuters Gold fell one percent after an unexpected three-day rally that saw it hurdle $1,332 an ounce. Reuters
SummaryGold price fell one percent after an unexpected three-day rally that saw it hurdle $1,332 an ounce...

they said.

CHINA BUYING SLOWS

In the physical markets, premiums of 99.99 percent purity gold on the Shanghai Gold Exchange eased to about $4 an ounce from Monday's $7 after the price rally.

World Gold Council (WGC) data showed that global gold demand fell 15 percent in 2013 as huge outflows from physically backed investment funds outweighed record consumer demand.

Indian gold consumption is expected to be 900-1,000 tonnes in 2014 on strong jewellery and investment purchases, while China's demand should be 1,000-1,100 tonnes, the WGC said.

Silver fell 1.1 percent to $21.41 an ounce, having climbed to its highest since early November at $21.96 in the previous session.

Platinum fell 0.4 percent to $1,416.00 an ounce, while palladium lost 1.3 percent to $728.80 an ounce.

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