Gold edges lower as Fed uncertainty lingers
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Gold edges lower as Fed uncertainty lingers

Last Updated: Monday, September 9, 2013, 11:15
 
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Gold edges lower as Fed uncertainty lingers
Singapore: Gold edged lower on Monday, dragged down by uncertainty over when the U.S. Federal Reserve will trim the massive bond-buying programme that has boosted the metal's appeal as a hedge against inflation.

FUNDAMENTALS

* Gold had fallen $3.32 an ounce to $1,387.56 by 0012 GMT. It slipped to $1,362.55 on Friday, its weakest since August 22, before rallying more than 1 percent on weaker-than-expected U.S. nonfarm payrolls.

* U.S. gold was up $1.30 at $1,387.80 an ounce.

* U.S. employers hired fewer workers than expected in August and the jobless rate hit a 4-1/2-year low as Americans gave up the search for work, complicating the Fed's decision on whether to scale back its monetary stimulus this month.

* But comments from Fed officials suggested the tapering plan is still on track. Esther George, the Kansas City Fed's consistently hawkish leader said she favoured trimming the bond-buying programme. Chicago Fed President Charles Evans said he could be swayed towards a pullback.

Reuters



First Published: Monday, September 9, 2013, 11:15


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