Thursday, February 28th 10:17 AM IST

Gold heads for 4% monthly loss

# gold  # comex  # nymex  # debt crisis  

Analysts said the precious yellow metal is on course for a 4 percent decline in February. It has been in the red for five straight months, the longest such losing streak since late 1996 to early 1997.

SINGAPORE(BullionStreet): Gold is all set to end the month on a lower note again despite advancing in Asian trade Thursday.

Gold for immediate delivery was seen trading at $1597.61 an ounce at 12.00 noon Singapore time while US gold was seen at $1597.11 an ounce on the comex division of nymex.

Analysts said the precious yellow metal is on course for a 4 percent decline in February. It has been in the red for five straight months, the longest such losing streak since late 1996 to early 1997.

On Wednesday, gold sank nearly 1 percent in the previous session, wiping out gains on Tuesday that were fuelled by Fed Chairman Ben Bernanke's reassurance of the bank's easing measures, even as Bernanke continued to defend the programme in a second day of congressional testimony.

Gold prices, up more than 2 percent Monday and Tuesday, fell 1 percent Wednesday, losing $16 to $1,597.40 per troy ounce. Silver shed 37 cents to $29.04 per ounce, giving up what it gained on Tuesday.

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