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Gold settles nearly 1% lower amid Fed speculation

Tuesday, 12 Nov 2013 | 2:55 PM ET
AP

Gold settled nearly 1 percent lower on Tuesday, falling for the fourth straight session as the dollar strengthened and expectations increased that the Federal Reserve will soon scale back monetary stimulus.

The metal has lost more than 3 percent over the past four sessions, as data on strong U.S. economic and jobs growth boosted speculation that the Fed will taper its $85 billion-a-month bond-buying program by the end of the year.

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Spot gold was last down 1.3 percent to $1,265 an ounce, its lowest since Oct. 15. Technical support was pegged in the $1,277-$1,269 area, analysts said.

U.S. gold futures for December delivery settled 0.8 percent percent lower at $1,271.20 an ounce.

As gold pays no interest, the rise in returns from U.S. bonds and other markets is seen as negative for the metal.

Gold has fallen nearly a quarter this year on expectations that the Fed would cut back on its bond purchases, so any delay could provide a boost to prices.

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