September 25, 2013
Gold edged down on Monday on renewed worries that the US Federal Reserve will begin cutting its bond-buying purchases as early as next month. Federal Reserve Bank of New York President William Dudley said the timeline that Fed chief Ben Bernanke articulated in June for scaling back the central bank’s stimulus measures is “still very much intact,” as long as the economy keeps improving.
Bullion investors were already on edge after St Louis Federal Reserve President James Bullard on Friday said the Fed might move during its October policy meeting to reduce stimulus spending, sending gold 3 percent lower. Spot gold was down 0.2 percent at $1,322.41 an ounce by 3:22 pm EDT (1922 GMT). US gold futures for December delivery settled down $5.50 an ounce at $1,327, with trading volume at 20 percent below its 30-day average, preliminary Reuters data showed. Among other precious metals, silver was down 0.5 percent to $21.68 an ounce. Platinum fell 0.7 percent to $1,417.74 an ounce and palladium eased 0.5 percent to $710.97 an ounce. Courtesy Reuters
Published in ZaraiMedia.com