Gold Drops for Third Day as Syria Tension Eases; Silver Declines

Bloomberg (02/9) - Gold declined for a third day as prospects for an attack against Syria receded, and on bets the U.S. Federal Reserve will start to pare stimulus as the economy improves. Silver headed for the longest drop in two months. Spot gold lost as much as 1.6 percent to $1,373.38 an ounce, the lowest level since Aug. 23, and was at $1,382.88 at 8:11 a.m. in Singapore. Prices have retreated since reaching a three-month high of $1,433.83 on Aug. 28 as improving data supported the case for the Fed to start reducing the $85 billion in monthly asset purchases this month.