Gold declines
LONDON - Gold declined for a third day in London as some investors sold the metal after its rally to a record and on signs the US economy is improving. Silver, platinum and palladium also fell.
The US economy grew at a 3.1 percent annual rate in the fourth quarter, revised up from a 2.8 percent estimate issued last month, data showed on Friday. "The US numbers have not been all that awful," said Afshin Nabavi, a senior vice-president at bullion refiner MKS Finance SA in Geneva. "The market has had a huge move up and the higher we go up, the more chance of a bigger correction."
Immediate-delivery bullion fell $13.55, or 0.9 percent, to $1,416.19 an ounce by 11:45 am in London on Monday. Prices are little changed this quarter after gaining the previous nine quarters.
Bloomberg News
(China Daily 03/29/2011 page17)
