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1st LD Writethru: Gold suffers 4th straight session loss

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(Globalpost/GlobalPost)

CHICAGO, May 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday for a fourth straight session, mostly pressured by upbeat U.S. economic data and a rising appetite for risk around the world.

The most active gold contract for August delivery fell 2.6 U.S. dollars, or 0.21 percent, to settle at 1257.1 dollars per ounce. Statistics show, based on the most-active contracts, gold prices have tallied a four-session loss of roughly 3 percent and settled at the lowest since Feb. 5.

Market analysts believe, even with August gold prices seemingly stabilizing in the mid-1,250 dollars range, buying it would be quite an aggressive move for the typical speculator, mostly akin to attempting to catch a falling knife without cutting the hand.

The analysts also believe, the gold market needs more time to consolidate and build the base of support, before it enters into fresh bullish positions.

On the economic front, the Commence Department cut its estimate of U.S. gross domestic product to show the economy contracted at a 1 percent annual rate in the first quarter, hampered by harsh winter weather. It marked the biggest fall in three years and the GDP was initially estimated to have grown at a 0.1 percent rate.

Silver for July delivery lost 4.5 cents, or 0.24 percent, to close at 19.014 dollars per ounce. Platinum for July delivery fell 2.6 dollars, or 0.18 percent, to close at 1460.1 dollars per ounce.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140529/1st-ld-writethru-gold-suffers-4th-straight-session-loss