Gold is losing momentum after the best month in three years as gains in the equity market curbed demand for haven assets.
Prices settled little changed Thursday and are down 3.4 percent since reaching a five-month high in late January. The MSCI All-Country World Index of shares rose for a fourth straight session, after posting losses in January and December.
Gold futures for delivery in April slipped 0.1 percent to settle at $1,262.70 an ounce at 1:41 p.m. on the Comex in New York. Prices are heading for a second straight weekly loss, after jumping 8 percent in January.
Gold has risen 6.6 percent this year, boosted by concern that Greek debt negotiations will undermine the region™s financial stability. The European Central Bank said Wednesday that it will no longer accept junk-rated collateral from Greece, citing doubt over the government™s commitment to previous reform pledges.
Silver futures for March delivery fell 1.1 percent to $17.196 on the Comex, snapping four sessions of gains.
Source : Bloomberg