Gold Falls to $1,290.14 an Ounce as Equity Markets Bounce Back

Gold fell 0.1 percent or $1.29 to $1,290.14 an ounce on Wednesday, according to Reuters. Equity markets were doing well in the wake of Federal Reserve Chair Janet Yellen’s comments that broadened the scope of the organization’s criteria for the stimulus program.

“If you look at the wider economic picture in the United States and not only at the nonfarm payrolls, that still looks good and it is likely to improve over the next few months,” Natixis analyst Bernard Dahdah told Reuters. “From that perspective, we are expecting to see the price of gold heading back down as there will be no incentives for investors.”

U.S. gold futures for February delivery stayed steady at $1,290.10 per ounce.