Gold dropped for the first day this week today on signs of economic recovery in the US, cutting the need for haven investments.
The gold fell USD 6.90, or 0.5 per cent, to USD 1,363.30 on the Comex and lost USD 6.20, or 0.5 per cent, to USD 1,363.72 in London. Similarly, silver prices fell for a second day, declining 1.2 per cent to USD 28.45 an ounce.
Industrial production in the US rose 0.8 per cent in December, more than forecast, on gains in business equipment and home electronics. Sales of existing homes in the US probably rose 4.1 per cent last month. Gold assets held by exchange-traded products declined in six of the past seven sessions.