5th December 2013
Gold has declined in commodities trading today (December 5th), falling amid speculation the Federal Reserve could reduce its monetary stimulus later this month.
A report published by payroll data agency ADP showed US private employers added more jobs than anticipated in November. The more comprehensive non-farm payrolls (NFP) labour market figures will be published tomorrow.
These releases are significant because the Fed has linked the end of its quantitative easing programme to the country’s unemployment level.
Bullion is on course to record its first annual decline since 2000 and much of this slump has been attributed to ongoing uncertainty regarding the US central bank’s stimulus.
The consensus estimate is that tomorrow’s NFP report will show American employers added 185,000 new jobs in November, following a 215,000 gain in the previous month.
Gold for immediate delivery declined by 0.5 per cent to $1,237.09 per ounce in London, while the February contract dropped by 0.9 per cent in electronic trading on the Comex in New York.
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