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1st LD Writethru: Gold ends seven-session winning streak

Xinhua, January 22, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Wednesday, breaking a seven-session winning streak ahead of a massive bond- buying program by the European Central Bank.

The most active gold contract for February delivery fell 0.5 U. S. dollar, or 0.04 percent, to settle at 1,293.70 dollars per ounce.

Gold futures was at one point above 1,300 U.S. dollars Wednesday, the first time since late August, on reports that the European Central Bank would announce a plan to buy 50 billion euros' worth of bonds per month for at least one year as part of a stimulus package to improve the eurozone economy.

Meanwhile, late profit-taking offset gains in gold as investors weighed upbeat economic data from the U.S. when housing starts rose more than expected.

A report issued by the U.S. Department of Commerce showed that housing starts in December increased by 4.4 percent after falling 4.5 percent in November. In addition, single-family permits rose 4. 5 percent, the highest reading of this measure since early 2008.

However, gold prices dropped, although they're still up 9.2 percent so far in 2015 as investors sought safe havens amid ongoing troubles in Ukraine, political uncertainty in Greece, and turmoil triggered by the Swiss National Bank.

Silver for March delivery increased 23.7 cents, or 1.32 percent, to close at 18.193 dollars per ounce. Platinum for April delivery lost 10.2 dollars, or 0.79 percent, to close at 1,276.40 dollars per ounce. Endite