The Nasdaq Composite Index climbed above 5,000 for the first time since 2000 on optimism that consumer spending will advance. Gold dropped 29 percent in the previous two years as the economy gained traction and global equities surged.
On the Comex in New York, gold futures for April delivery dropped 0.4 percent to settle at $1,208.20 an ounce at 1:46 p.m. The price climbed in the previous three sessions, the longest rally since Jan. 20.
Earlier, the metal reached $1,223, the highest for a most-active contract since Feb. 17, after a cut in borrowing costs in China, the world’s second-largest consumer.
The People’s Bank of China lowered the benchmark lending and deposit rates by a quarter percentage point on Saturday. Gold imports by India, the top consumer, may jump to 100 metric tons in March from about 25 tons in February, according to Rajesh Mehta, chairman of Rajesh Exports Ltd.
sumber : ewfpro.com
