Gold price extends loss after Putin speech

The gold price dropped to under $1,350 per ounce after Russian President Vladimir Putin said his country´s moves in Ukraine would be limited.Putin declared "Crimea is a Russian land, Sevastopol a Russian city" following the Crimean referendum, which he said was in full accordance with international law, despite Western criticism.Remarking that Russia was not looking for more territories to annex, Putin added "we have always respected the territorial integrity of Ukraine, unlike others who split Ukraine,’’ in reference to the country’s interim government. Gold prices had started the day at $1,366 per ounce but came down to $1,350 after Putin´s speech.Also affecting the gold price was the muted consumer and housing data from the U.S. which also surprisingly contained a 7.7 percent increase in permits to build home.Analysts say the developments in Ukraine and what comes from tomorrows U.S. Federal reserve meeting, from which it is expected there will be a reduction in the reserve's bond-buying program by up to US$10 billion, will determine whether the gold price drops further.