Gold slides after reports of improving US economy

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Associated Press

Posted on March 27, 2014 at 3:00 PM

Updated Thursday, Mar 27 at 5:00 PM

Gold dropped to its lowest price in more than a month as reports of an improving U.S. economy weakened the metal's appeal.

Gold for April delivery fell $8.70 to settle at $1,294.70 an ounce Thursday. That's the lowest settlement price since Feb. 11.

The government estimated that the U.S. economy expanded at a 2.6 percent rate in the October-December quarter, slightly better than previously thought. Consumer spending rose at the fastest pace in three years.

Most other metals also fell. Silver for delivery in May lost 7 cents to settle $19.71 an ounce.

Platinum for July fell $9.10 to $1,398.40 an ounce, while palladium for June fell $20.65, or 3 percent, to $760.50 an ounce.

Copper was the exception. The copper contract for May gained 3 cents to $2.99 a pound.

In other trading, wheat and corn prices rose, and soybeans slipped. Wheat rose 14 cents to $7.11 a bushel. Corn rose 8 cents to $4.92 a bushel.

Soybeans sank 4 cents to $14.37 a bushel.

In the market for oil and gas, crude oil rose $1.02 to settle at $101.28 a barrel.

In other energy futures trading on the Nymex:

— April wholesale gasoline rose 3 cents to $2.94 a gallon.

— April heating oil added 3 cents at $2.95 a gallon.

— May natural gas rose 14 cents to $4.54 per 1,000 cubic feet.

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