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Gold Ends Friday with Losses on Dectaper Speculations

November 2, 2013 at 1:34 by Vladimir Vyun

Gold ended Friday with losses as speculations about possible quantitative easing tampering in December (the so-called Dectaper) propelled the dollar higher. Poor employment data and unresolved budget issues make such outlook questionable, but the market prices in QE tampering nevertheless. St. Louis Fed’s President James Bullard fueled talks about stimulus reduction, saying that “the likelihood of tapering asset purchases will continue to rise”.

There are concerns that the festival season in India, the biggest consumer of gold, will not provide increasing demand for the precious metal, as it was usually doing previously, because of government measures to limit imports. Falling prices for gold were not helping to boost demand. In fact, quite the opposite has happened as people are waiting for prices to fall even more.

December futures for delivery of gold dropped $10.3 (0.78 percent) to settle at $1,313.2 per troy ounce on COMEX.

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