Gold down to 6-week low before US data

New York (Mar 27)  has declined to its lowest level in six weeks in commodities trading markets today (March 27th), ahead of key US economic data due to be published later in the session.

Figures detailing the country's gross domestic product growth for the final quarter of 2013 are set to be released, in addition to the weekly jobless claims report and data on private sector pending home sales.

Durable goods orders numbers published yesterday were well received by analysts, indicating the world's largest economy is gathering momentum once more following the slowdown enforced by severe weather conditions over the turn of the year.

Amid expectations the positive outlook will further encourage the Federal Reserve to cut interest rates earlier than previously anticipated, bullion has come under pressure in commodities markets.

On the Comex division of the New York Mercantile Exchange, gold for June delivery dropped to $1,298.80 per ounce - the contract's weakest level recorded since February 13th.

Source: OneFinancialMarkets