News Column

Gold on Track for First Annual Loss Since 2000

December 23, 2013

Associated Press

Gold is expected to lose value for the first time in 13 years.
Gold is expected to lose value for the first time in 13 years.

NEW YORK (AP) Gold prices fell again Monday, keeping the metal on track for its first annual loss since 2000.

The actively traded February contract edged down $6.70, or 0.6 percent, to settle at $1,197 an ounce.

Gold is down 29 percent this year. It has been falling as fears have dissipated that the Federal Reserve's easy-money policies would cause inflation and weaken the dollar. Last week the central bank said it would start to reduce its huge bond-buying program in January.

Silver for March delivery fell four cents, or 0.2 percent, to $19.413 an ounce.

Other metals mostly fell. March palladium fell $3.10, or 0.4 percent, to $695.65 an ounce and January platinum fell $4.80, or 0.4 percent, to $1,327.40 an ounce

High-grade copper for March delivery was flat at $3.3075 a pound.

Benchmark U.S. crude oil fell 41 cents, or 0.4 percent, to $98.91 a barrel. The price of oil rose nearly 3 percent last week, largely because of signs of improvement in the U.S. economy.

In other energy futures trading, wholesale gasoline was flat at $2.78 a gallon, heating oil lost 2 cents to $3.06 a gallon and natural gas added 5 cents to $4.46 per thousand cubic feet.

Crop prices were mixed.

Corn for March delivery rose a penny, or 0.2 percent, to $4.3425 a bushel, January soybeans fell 10.5 cents, or 0.8 percent, to $13.285 a bushel. March wheat fell four cents, or 0.7 percent, to $6.095 a bushel.

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