Gold ends lower after biggest monthly gain in 3 years
CNBC - Feb 02, 2015
Gold prices slipped on Monday as buyers cashed in gains after the metal posted its biggest monthly rise in three years in January, but a shaky outlook for the global economy underpinned its appeal as a haven from risk.
Spot gold was last down 0.2 percent at $1,280 an ounce, while U.S. gold futures for April delivery settled $2.30 lower at $1,276.90 an ounce. Gold rose 8.4 percent last month, its biggest monthly increase since January 2012.
That rally was sparked by concerns over the European economy after the Swiss National Bank scrapped the franc's peg to the euro, the European Central Bank announced quantitative easing and Greece elected the anti-bailout Syriza party.
Gains have been tempered, however, by a perception that the United States is still on track to raise interest rates for the first time in nearly a decade this year, lifting the opportunity cost of holding non-yielding gold while boosting the dollar.
