Thread: Gold Falls To Three-Week Low

Gold Falls To Three-Week Low Under $1380; Holds Losses After Fed

1/4/2011 2:37 PM ET

(RTTNews) - The price of gold slumped Tuesday amid a rebound in the dollar, settling at its lowest level in nearly three-weeks.

Data showing an unexpected increase in US factory orders added to optimism about the US economy, which also prompted profit booking in bullion.

Gold prices remained weak following the release of minutes from the latest meeting of the Federal Reserve.

February gold on the Comex division of the New York Mercantile Exchange slipped $44.10 to $1378.80 an ounce, in its biggest single-day loss since mid November.

Gold prices soared roughly 30% in 2010, peaking at $1432.50 an ounce on December 7.

A report from the Commerce Department this morning revealed orders for US manufactured goods unexpectedly improved in November.

A day earlier, the Institute for Supply Management said the nation's manufacturing activity grew for the 17th straight month.

http://www.rttnews.com/Content/Commodit ... 19152&SM=1

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