Gold Holds Decline Before Fed Concludes Meeting as Silver Drops
Rabu, 30 Oktober 2013
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Gold
held losses before U.S. Federal Reserve policy makers conclude a meeting today
as investors weighed the prospects for a reduction in stimulus, a step that the
world’s largest money manager said is now imperative.
Bullion
for immediate delivery traded at $1,343.58 an ounce at 8:58 a.m. in Singapore
from $1,345.05 yesterday, when the price lost 0.6 percent as the dollar
strengthened. Holdings in the SPDR Gold Trust, the biggest gold-backed
exchange-traded product, were unchanged for a second day at 872.02 metric tons.
Gold
rebounded this month on speculation the Fed won’t slow asset purchases until
next year after a government shutdown hurt the economy. Policy makers last
month unexpectedly refrained from reducing stimulus. BlackRock Inc. Chief
Executive Officer Laurence D. Fink said yesterday it’s imperative that tapering
begins as the policy is contributing to “bubble-like markets.”
Gold
declined 20 percent in 2013, heading for the first annual loss since 2000. The
U.S. central bank will pare the $85 billion in monthly bond buying at its March
meeting, according to a Bloomberg survey of analysts on Oct. 17-18.
Gold
for delivery in December fell as much as 0.3 percent to $1,342 an ounce,
dropping for a third day, and traded at $1,342.40 on the Comex. Trading volume
was 79 percent below the average for the past 100 days for this time of day.
Spot
silver fell 0.2 percent to $22.4785 an ounce, trimming a monthly gain. Platinum
declined 0.2 percent to $1,458.80 an ounce, also paring a monthly advance.
Palladium dropped 0.3 percent to $744.20 an ounce.
(Source: Bloomberg)
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