Bloomberg (13/11) -- Gold traded near a one-month low after a four-day
losing run as expectations that the U.S. Federal Reserve may soon begin
to scale back stimulus reduced demand for a store of value.Bullion
for immediate delivery was at $1,269.01 an ounce at 9:01 a.m. in
Singapore from $1,268 yesterday, when the metal declined to $1,261.42,
the lowest level since Oct. 15. Bullion has risen only once since Oct.
29 while the dollar advanced.Gold lost 24 percent in 2013 as
prospects for a recovery hurt demand for haven assets. Fed Bank of
Atlanta President Dennis Lockhart said yesterday while he wants to see
inflation accelerate before the Fed cuts its $85 billion of monthly bond
buying, “some discussion of tapering could well take place next month.”
Policy makers will decide to pare purchases to $70 billion at their
March 18-19 meeting, according to the median of 32 economist estimates
in a Bloomberg survey on Nov. 8.Gold for delivery in December
lost 0.4 percent to $1,266.30 an ounce on the Comex in New York after
dropping yesterday to $1,260.50, the lowest since Oct. 15. Trading
volume was 42 percent below the average for the past 100 days at this
time.Spot silver retreated 0.2 percent to $20.6975 an ounce,
sliding for a fifth day. Prices tumbled to $20.585 yesterday, the lowest
level since Oct. 15.
