LONDON: Gold on Thursday fell as some investors speculated that data on Friday may reinforce the case for the Federal Reserve to taper stimulus, curbing demand for precious metals as a haven.
Gold tumbled 26 per cent this year, heading for the first annual drop since 2000, as some investors lost faith in the metal as a store of value and holdings in exchange-traded products contracted. Assets in the SPDR Gold Trust fell to 838.71 tonnes, the lowest since January 2009. Global holdings in exchange-traded products backed by bullion slumped 30 per cent this year, touching 1,832.2 tonnes.
Gold dropped by 0.5 per cent to USD 1,237.09 an ounce after surging 1.7 per cent yesterday, the most since October 22. Silver also fell 0.6 per cent to USD 19.57 an ounce.
The US added more jobs than predicted last month, a private report showed on Wednesday, fueling expectations that tomorrow's official data may prompt the Fed to start paring its USD 85 billion capital infusion in monthly bond purchases.
Gold tumbled 26 per cent this year, heading for the first annual drop since 2000, as some investors lost faith in the metal as a store of value and holdings in exchange-traded products contracted. Assets in the SPDR Gold Trust fell to 838.71 tonnes, the lowest since January 2009. Global holdings in exchange-traded products backed by bullion slumped 30 per cent this year, touching 1,832.2 tonnes.
0 comments:
Post a Comment