CM: Golds Declines to Two-Month Low on Manufacturing, Dollar: report
Gold dropped to the lowest price since January in New York after reports showed manufacturing may contract from China to Germany and a stronger dollar curbed demand, Bloomberg reported.
It said China's manufacturing may contract for a fifth straight month in March, a report showed, hurting the outlook for commodities and sending the Standard & Poor's GSCI Index of 24 raw materials to a one-week low. The U.S. dollar rose to the highest level in almost a week against a six-currency basket including the euro and the yen. About half of the jewelry stores in India remain closed as owners protest higher taxes.
Gold for April delivery dropped 1% to US$1,633.90 an ounce by 7.49 a.m. on the Comex in New York. It fell as much as 1.1% to US$1,631.60, the lowest price since Jan. 13. Gold for immediate delivery fell 1% to US$1,634.73 an ounce.
