Gold fell in New York and headed for a second weekly decline as improving economic data from the U.S. to China damped speculation of more government stimulus, reducing demand for the metal as an alternative investment.
Data this week showed China’s industrial production, retail sales and fixed-asset investment accelerated in September, U.S. housing starts jumped to a four-year high and an index of American leading economic indicators rose in September by the most in seven months. Gold futures gained 11 percent in the third quarter after central banks in the U.S., China, Japan and Europe took action to stimulate growth.
“While I’m still intermediate-longer term bullish, I want to sit on the side for now,” Jim Pogoda, a trading consultant for New York-based Gold Bullion International, said yesterday in an e-mail. “Data from China were on balance eco positive, dampening hopes for sooner and more aggressive easing there. The U.S. data this week have been generally stronger, again lessening chances for further aggressive easing measures.”
Of course the MSM calls it a Drop, I call it a Sale. ( Backup the truck )
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