16th December 2013
Gold has declined in commodities markets today (December 16th), as investors prepare for the Federal Reserve's two-day policy meeting, which begins tomorrow.
Recent strong US economic data has led to increased speculation the US central bank will cut its monetary stimulus this week, earlier than had previously been expected.
Speculation regarding the potential end of the Fed's quantitative easing programme has been the driving force behind the decline in precious metals prices since the turn of the year, with gold shedding around 26 per cent and silver slumping by almost 35 per cent.
Gold for February delivery traded 0.2 per cent lower at $1,232.10 per ounce on the Comex division of the New York Mercantile Exchange early in the European session, while silver for March settlement was down by the same percentage at $19.56 per ounce.
It is widely expected the Fed will introduce a small taper of its asset purchases, reducing the pace of its $85 billion per month stimulus programme.
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