Gold (30 Jul 2013): Gold traded little changed as U.S. Federal Reserve policy makers start a two-day meeting today amid speculation that the central bank may begin to taper its unprecedented stimulus program in the coming months. Bullion for immediate delivery was at $1,327.81 an ounce at 8:32 a.m. in Singapore from $1,328.03 yesterday, when it fell 0.4 percent. Prices, which gained for the past three weeks, are up 7.6 percent this month, the most since January 2012. Gold lost 21 percent this year and Goldman Sachs Group Inc. forecasts lower prices through the end of 2014 on concern that an improving U.S. economy will prompt the Fed to curb stimulus. Some investors have lost faith in the metal as a protector of wealth amid a rally in the dollar and stock markets. Gold for December delivery was little changed at $1,328.50 an ounce on the Comex. Futures will decline as the U.S. economy improves, dropping to $1,050 by the end of next year, Goldman analysts led by Jeffrey Currie wrote in a July 22 report. -Bloomberg
Posted on: Tue, 30 Jul 2013 01:13:24 +0000
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