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MTECHTIPS:-Gold under pressure ahead of BOJ, Fed policy meetings
Gold futures fell sharply in North American trade on Monday, as investors looked ahead to a raft of central bank meetings and rate decisions this week. n Market players braced for the Bank of Japan’s policy decision due on Tuesday, followed by the Federal Reserve’s rate announcement on Wednesday and the Bank of England meeting on Thursday. Gold for April delivery on the Comex division of the New York Mercantile Exchange slumped $15.50, or 1.23%, to trade at $1,243.90 a troy ounce by 15:10 GMT, or 11:10AM ET. On Friday, gold prices rallied to a 14-month high of $1,287.80 after European Central Bank President Mario Draghi rolled out fresh stimulus measures, including increased asset buying and a deeper cut to deposit rates, but signaled there would be no further rate cuts. Prices of the yellow metal are up nearly 18% so far this year as investors seek safe havens in the face of mounting instability in other financial markets. Also on the Comex, silver futures for March delivery declined 15.2 cents, or 0.97%, to trade at $15.45 a troy ounce during morning hours in New York. Elsewhere in metals trading, copper futures eased down 0.8 cents, or 0.36%, to $2.233 a pound, as investors digested another round of Chinese economic data. Official data released over the weekend showed that China’s factory output in the first two months of the year slowed to the weakest level since November 2008, adding to the view that the economy remains in the midst of an ongoing slowdown which will require Beijing to roll out more support in coming months.
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