Gold
futures fell for the second straight day amid speculation that the
Federal Reserve will raise interest rates as the U.S. economy gains
momentum, crimping demand for the metal as an alternate investment.
Global
holdings in exchange-traded products backed by gold have extended a
slump to the lowest in five years, according to data compiled by
Bloomberg. Yesterday, a poll showed Swiss voters will reject an
initiative that would require the nations central bank to hold at least
20 percent of assets in the metal.
Gold
futures for December delivery declined 0.3 percent to settle at
$1,190.90 an ounce at 1:37 p.m. on the Comex in New York. Aggregate
trading was 49 percent above the 100-day average for this time,
according to Bloomberg data. Yesterday, the metal dropped 0.3 percent.
The
cost of living in the U.S. was little changed in October, and jobless
claims fell by 2,000 in the week ended Nov. 15, government reports
showed today.
Source: Bloomberg
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