Gold Prices Post Biggest Weekly Decline in Eight Months
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Gold futures fell, capping the biggest weekly drop since September, after a U.S. equity rally and signs of easing tensions in Ukraine curbed demand for the precious metal as a haven. Silver dropped to an 11-month low.
U.S. durable-goods orders unexpectedly rose in April, indicating manufacturing is gaining, government data showed on May 27. Today, the Standard & Poor’s 500 Index of stocks climbed to a record. Last year, gold tumbled 28 percent on concern that the Federal Reserve would taper the pace of monetary stimulus as the economy rebounded.