Gold Trades Above Five-Week Low as Ukraine, Rates Weighed
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Gold fell to a five-week low in New York as signs of economic recovery in the U.S. boosted speculation the Federal Reserve will further pare stimulus, curbing demand for the precious metal as a store of value.
Orders for durable goods climbed a more-than-forecast 2.2 percent in February, reflecting the biggest gain in automobile demand in a year, a government report showed today. Gold has lost 2.8 percent since March 19, when Fed Chair Janet Yellen said the central bank’s debt-buying program may end this year.