A brighter economic outlook in the U.S. pushed gold futures to their longest bearish streak since January of last year, according to Bloomberg.
Construction in the globe's largest economy is poised to climb as this year proceeds. Policy makers with the U.S. Federal Reserve said during the late January meetings that the Fed might be able to adjust its monetary stimulus. Senior broker Kurt Pfafflin with Daniels Trading said the yellowish metal might slip to its lowest value of 2011-2012, which was about $1,528.
"The gold bugs have been obliterated," manager James Dailey with TEAM Financial Asset Management LLC in Harrisburg, Pennsylvania, told the news source on Wednesday. "The perception about the global economy has changed, and people are moving to riskier assets."
At 3:50 p.m. on Wednesday, gold futures fell 2.54 percent, a $41.48 loss to $1,564.27.
The Wall Street Journal reports the yellowish metal was tugged down by minutes from the January 29 and 30 meeting of the policy-making arm of the U.S. central bank, which noted the members are concerned about causing instability in worldwide financial markets.
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