Gold futures decline on strong US durable goods data

London (Mar 27)  Gold futures declined on Wednesday as better than expected US durable goods data for February reduced bullion's appeal to institutional investors as a hedge and the dollar strengthened against a select band of major currencies. However, the precious metal found some support on signs of strong demand from China and indications the European Central Bank may support more economic stimulus measures.

Gold futures for April delivery settled down $8.00 at $1,303.40 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 0.6 percent at $1,302.31 an ounce.

Source: Indian-Community