Gold market update for December 12: Gold prices ended solidly lower Thursday due to a lack of fresh, bullish fundamental news and mixed weekly economic data. February gold futures closed at $1,225.80 an ounce, down $31.40, with spot gold down $26.30 at $1,226.50. The selloff is being attributed to worries that the U.S. budget deal reached by Congress this week could be one more factor working in favor of the Federal Reserve tapering its monthly bond-buying stimulus sooner. Traders and investors eagerly await next week’s Open Market Committee (FOMC) meeting (Dec. 17-18) to find out when tapering will begin; however, most analysts expect market price reactions to be much less dramatic once the Fed makes the announcement.
Gold in Sharp Sell Off As Bears Reassert Technical Control
December 13, 2013