Gold holds below 15-week high as Fed cuts weighed against data

London, Feb 21. Gold today held below a 15-week high as investors weighed indications US policy makers will press on with stimulus cuts against weaker economic data. Gold fell by 0.2 per cent to USD 1,320.80 an ounce and silver by 0.4 per cent to USD 21.73 an ounce. Meanwhile, bullion added 0.2 per cent this week after climbing to USD 1,332.45 an ounce on February 18, the highest since October 31. US reports since last week showed retail sales and factory output unexpectedly dropped in January and housing starts slumped, while a Chinese manufacturing index fell to the lowest level in seven months, data showed yesterday. The Fed's January meeting minutes released this week signalled policymakers supported a continued decrease in bond purchases. They cut monthly bond-buying by USD 10 billion at each of the past two meetings, leaving purchases at USD 65 billion.