11th November 2013
Gold futures continue to trade around three-week low levels today (November 11th), following a stronger-than-expected US employment report on Friday.
This has led to suggestions the Federal Reserve will look to taper its quantitative easing programme at its December policy meeting. It had previously been thought the bank was preparing to maintain its stimulus into 2014.
Following the non-farm payrolls report, the dollar has strengthened in forex trading markets. This traditionally causes gold prices to fall as investors lose faith in the metal as an alternative asset and commodities priced in dollars become more expensive for international traders.
Gold for December delivery is trading 0.05 per cent higher for the session at $1,284,70 per ounce on the New York Mercantile Exchange.
Over the course of the year so far, bullion prices have declined by almost a quarter, with speculation regarding the Fed's asset-purchasing programme the most significant driving force behind the decline.
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