Gold futures declined on January 31, as markets responded to a dollar that fell versus the euro, and investors took profits after a rally in the contracts that happened on the day before.Â
April gold futures trading on the Comex Division of the New York Mercantile Exchange were 1.2 percent lower at $1,661 per ounce, according to MarketWatch.Â
On January 30, a Commerce Department report indicated that gross U.S. gross domestic product (GDP) fell at a rate of 0.1 percent during the fourth quarter of 2012. This period was the first quarter in three years that GDP did not rise. On this day, the price of the contract gained 1.1 percent, the media outlet reports.Â
Another factor involved was a changing value for the dollar. The 17-nation euro, which had recently surged to its highest value in 14 months versus the greenback, declined on January 31, according to Reuters. A rising dollar generally is bearish for gold, as it makes contracts denominated in the greenback more expensive for buyers using foreign currencies.
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Another factor that market experts credited with the rise in gold was the news that the Federal Reserve will continue its current bond-buying stimulus measures, MarketWatch reports.
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