| Bloomberg, (02/11) --- Gold declined for the first time in three days,
extending the worst monthly performance since June, on speculation that
the Federal Reserve will begin reducing monetary stimulus as the U.S.
economy strengthens. Bullion for immediate delivery fell as much as 0.5 percent to $1,247.48 an ounce, and traded at $1,247.95 at 8:42 a.m. in Singapore. Gold lost 5.3 percent in November, the biggest drop since June, when prices touched a 34-month low of $1,180.50. Gold lost 26 percent this year as an improving U.S. economy fueled speculation the Fed will start scaling back bond buying that drove a 12th year of gains in 2012. Data this week may show U.S. employment rose by 183,000 workers last month after a 204,000 gain in October, putting the world’s largest economy on track to show the biggest annual gain payrolls since 2005. Gold for February delivery declined 0.2 percent to $1,247.70 an ounce on the Comex in New York in trading volume that was 39 percent below the average for the past 100 days at this time of day, data compiled by Bloomberg showed. The Fed will pare monthly asset purchases to $70 billion from $85 billion at its March 18-19 meeting, according to a Bloomberg survey last month. Minutes of the last meeting released on Nov. 20 signaled that policy makers expected an improving economy to warrant trimming debt purchases in coming months. The central bank’s next gathering is Dec. 17-18. Spot silver fell as much as 0.7 percent to $19.8615 an ounce, snapping two days of gains. The worst-performing precious metal this year dropped 8.8 percent in November, also the largest decrease since June. |
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