Gold Falls a 3rd Day on Speculation Stimulus Not Needed
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Gold declined the most in a week after three voting members of the Federal Open Market Committee said they don’t see a need for more economic stimulus and as physical demand slumped in India, the world’s biggest importer.
John Williams, president of the San Francisco Fed, joined his counterparts from Richmond, Philadelphia and Atlanta in casting doubt on the need for additional purchases of bonds to push down longer-term interest rates even as American employers added fewer jobs than forecast. India imported 30 to 35 metric tons of gold in April, down from 90 tons a year earlier, the Bombay Bullion Association said today.