WASHINGTON (dpa-AFX) - Gold futures were lower Wednesday, with the precious metal losing its safe haven appeal amid surging stocks and economic optimism.
Markets reacted positively to last nights Congressional address by President Donald Trump. The Dow Jones Industrial Average rocketed above 21,000 for the first time ever.
Gold for April was down $1,250/oz, down $3.90, or 0.3%, the lowest in a week. Gold has slipped from 3-month highs set last week.
In economic news, the U.S. economy continued to pick up steam in February, with all twelve of the Federal Reserve's districts reporting 'modest to moderate' growth, according to the Fed's Beige Book.
However, business optimism cooled a bit amid opposition to President Donald Trump's border-tax proposal from several industries.
The Institute for Supply Management released a report showing that growth in manufacturing activity accelerated by much more than anticipated in the month of February.
The ISM said its purchasing managers index climbed to 57.7 in February from 56.0 in January.
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