Economics
Gold Heads for Longest Run of Monthly Declines Since 1997
This article is for subscribers only.
Gold futures dropped, heading for the longest run of monthly declines in 16 years, as confidence that the U.S. economy is recovering curbed demand for the metal as an investment hedge.
In January, an index of pending home resales in the U.S. increased to highest since April 2010, and a measure of durable-goods orders climbed the most in a year, reports showed today. Yesterday, gold jumped the most in three months as Federal Reserve Chairman Ben S. Bernanke defended monetary stimulus.