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Gold Ends Session & Week with Losses

September 13, 2014 at 2:13 by Vladimir Vyun

Gold ended the last trading session of this week and the week itself with losses. Prospects for early monetary tightening from the Federal Reserve were supported by positive economic reports from the United States, adding to pressure on the precious metal.

US retail sales rose 0.6 percent in August, above analysts’ expectations of 0.3 percent. The Thomson Reuters/University of Michigan consumer sentiment index rose from 82.5 in August to 84.6 in September (preliminary), also exceeding forecasts.

The indicators suggest that the US economy is doing well. This means that the US central bank should be able to tighten its monetary policy without hurting recovery too much. Such prospect is negative for gold.

According to the Commitments of Traders Report, funds still have more long positions than short ones. At the same time, the number of sell orders grew more than the number of buy orders.

December futures for delivery of gold fell 0.6 percent to settle at $1,231.50 per ounce on COMEX. Prices touched $1,228.10 after the settlement, the weakest prices for a most-active contract since January 10.

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