Gold Prices Heartbroken by Europe GDP Snub
NEW YORK (
Gold for April delivery shed $9.60 to settle at $1,635.50 an ounce at the Comex division of the New York Mercantile Exchange. The
Eurostat, the statistical office of the European Union, said that the most recent gross domestic product flash showed 0.6% contraction in the fourth quarter of 2012 compared against the prior quarter.
"That basically hurt the euro today, which in return weighed on gold given the positive correlation," said Howard Wen, a precious metals analyst at HSBC Bank USA. "You also have a slight selloff in equities and all the other risky assets, so today was pretty much a dollar-strength, long-dollar day."
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