March 14, 2012 / 12:57 PM / in 5 years

US gold and copper tumble, extending losses after FOMC

NEW YORK, March 14 (Reuters) - U.S. gold and copper
futures fell sharply Wednesday a day after the Federal Reserve
offered few clues to further monetary easing.	
	
    FUNDAMENTALS 	
    * U.S. gold futures fell to their lowest since late January
after a modest upgrade of the U.S. Federal Reserve's economic
outlook gave the dollar fresh impetus and investors an excuse to
lighten holdings of bullion. 	
    * Copper futures eased, falling from a one-week high hit in
the previous session as uncertainty about the outlook for demand
from top consumer China weighed on sentiment, with a strong
dollar adding pressure to base metals prices. 	
	
    ECONOMY	
    * U.S. import prices rose in February on sharply higher
petroleum costs.	
    * However, there were little signs of underlying imported
inflation pressures as food prices posted their largest decline
in three years. 	
     	
    MARKETS 	
    * World shares turned flat after initially rising on a sunny
economic outlook for the U.S. whose banks passed stress tests.
 	
    * Crude oil dipped on expectations for an increase in U.S.
crude stockpiles. 	
   	
 Prices at 8:44 a.m. EDT (1242 GMT)                           
 
                               LAST      NET    PCT     YTD
                                         CHG    CHG     CHG
 US gold                    1646.00   -48.30  -2.8%    5.1%
 US silver                   32.890   -0.691  -2.0%   17.8%
 US platinum                1684.70   -17.10  -1.0%   20.4%
 US palladium                700.00    -8.85  -1.3%    6.7%
 US copper                   385.15    -5.10  -1.3%   12.1%
 	
	
	
 (Reporting By Frank Tang)

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