Gold tumbled again this morning to trade at 1197.90 and is expected to end the year just under the $1200 price level. Gold continues to lose its appeal for wealth retention and as a hedge against inflation as the US is showing a strong recovery and the global recovery seems to be well underway. Silver fell by 130 points to trade at 19.485 while palladium remains in the green adding $2.90 trading at 712.40 as its industrial demand edges up with increased auto sales offers more demand for the metal for catalytic converters. Platinum dipped by $1.45 to trade at 1358.90 following cues from the precious metals family. Gold prices fell on Monday below $1200 an ounce, heading for its biggest annual loss in three decades as U.S. equities soared to six-year highs and prospects of global economic recovery boosted appetite for riskier assets. Gold would be facing the first annual loss since 2000 while silver is set for the worst annual performance since 1981. According to CFTC, hedge funds and money managers cut their bullish bets in gold and silver in the week to Dec. 24. Gold ETF’s witnessed outflows of 864.8 metric tons in 2013 which were more than combined inflows in the previous three years, wiping about $73.7 billion from gold funds. Gold prices are expected to move further down as strong US growth prospects and gains in equity markets are likely to hurt gold prices. Precious metals fell in thin holiday trade on Monday, heading for its biggest annual loss in more than three decades at nearly 30 percent, as rising appetite for risk and the prospect of a global recovery tarnished its allure.
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