NEW YORK/LONDON, Reuters Nov 27 (28/11)
- Gold fell on Wednesday, erasing initial gains, as a drop in U.S.
jobless claims supported expectations the Federal Reserve will soon
scale back its monetary stimulus, traders said.
 Platinum
dropped about 1.5 percent to a four-month low, underperforming other
precious metals, weighed down by technical selling and end-of-month book
squaring by funds, traders said.
Bullion
prices were down for a second consecutive day after the unexpected drop
in last week's U.S. jobless claims. However, a separate report showed
continued weakness in business spending on capital goods.
As
a gauge of gold interest among funds and institutional investors,
holdings in gold-backed exchange-traded funds fell on Tuesday, extending
a trend of heavy outflows.
Gold
investors digested news that Venezuela is evaluating a swap agreement
involving gold reserves as a way to fortify dollar supplies in the OPEC
nation, a senior government source told Reuters on Wednesday.
Spot
gold was down 0.5 percent at $1,236.73 an ounce by 3:35 p.m. EST (2035
GMT), reversing gains of nearly 1 percent earlier in the day. U.S. gold
futures settled down $3.60 at $1,237.80 an ounce.
Trading
volume was at 230,000 lots, preliminary Reuters data showed, nearly 40
percent above its 30-day average of 165,000 lots, lifted by the
December-February contract rollover ahead of the December contract's
first-notice day on Friday.
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