Bloomberg (17/12)
-- Gold traded little changed before the Federal Reserve starts a
two-day meeting today as investors await the central bank’s decision on
the timeline for reducing stimulus in the U.S.
 Bullion
for immediate delivery was at $1,242.22 an ounce at 8:35 a.m. in
Singapore from $1,241.30 yesterday, when prices climbed for a second
day. Gold for February delivery declined 0.3 percent to $1,241 on the
Comex, snapping a two-day rally.
Gold
tumbled 26 percent this year, heading for the first annual loss since
2000, amid speculation the Fed will curb its $85 billion in monthly bond
purchases. Officials said at their Oct. 29-30 meeting that they may
reduce the purchases “in coming months” as the economy improves. Gains
in manufacturing, technology and housing fueled “modest to moderate”
economic growth from early October through mid-November, the central
bank said in its Beige Book survey released Dec. 4.
The
Fed may begin reducing the asset purchases at this week’s meeting,
according to 34 percent of economists in a Dec. 6 Bloomberg survey, up
from 17 percent in a Nov. 8 poll. Gold rose 70 percent from December
2008 to June 2011 as the Fed pumped more than $2 trillion into the
financial system.
Silver
for immediate delivery was little changed at $20.0172 an ounce after
climbing to $20.302 yesterday, the highest since Dec. 12. Platinum rose
0.2 percent to $1,364.60 an ounce, while palladium advanced 0.2 percent
to $717.16 an ounce, snapping four days of losses.
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