Gold reverses early gains in Asia

September 17, 2013

Gold Price
Gold Price

Gold slipped on Monday, reversing early gains as growing conviction the US Federal Reserve would decide to roll back its stimulus from this month dented the metal’s appeal as a hedge against inflation. The consensus is that the Fed will initially reduce its bond purchases, now $85 billion a month, by $10 billion or perhaps $15 billion and will announce the taper to its quantitative easing (QE) after its September 17-18 meeting.

Spot gold, which posted its steepest weekly drop in more than two months last week, had slipped 0.1 percent to $1,324.61 an ounce by 0650 GMT after hitting an intraday high of $1,334.46. Silver fell nearly 2 percent. Courtesy Reuters

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