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1st LD Writethru: Gold down as U.S. stocks, dollar rebound

Xinhua, January 29, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as investors jumped back into equities ahead of a key Federal Reserve statement released later in the day.

The most active gold contract for February delivery lost 5.8 U. S. dollars, or 0.45 percent, to settle at 1,285.90 dollars per ounce.

The dollar rose as the Fed wrapped up its two-day monthly meeting on Wednesday. As expected, the U.S. central bank said in a statement that it would keep patient in beginning to normalize the stance of monetary policy. Some analysts believed that concerns over global economic growth could delay an increase in the interest rate.

The Dollar Spot Index, a measure of the dollar against a basket of other currencies, rose by 0.25 percent to 94.2610. Gold and the dollar, both safe-haven assets, typically have inverse relationship.

Gold prices also came under pressure as U.S. equities rebounded from a slump of the previous session. On Tuesday, Wall Street stocks finished sharply lower following a disappointing stream of corporate earnings and mixed U.S. economic data.

Silver for March delivery increased 0.4 cents, or 0.02 percent, to close at 18.088 dollars per ounce. Platinum for April delivery lost 5.8 dollars, or 0.46 percent, to close at 1,258.50 dollars per ounce. Endite