Gold Falls to 3-Week Low as U.S. Jobs Report Boosts Taper Bets
This article is for subscribers only.
Gold dropped to a three-week low in New York as payrolls in the U.S. rose more than forecast in October, increasing speculation that the Federal Reserve may start reducing economic stimulus by the end of this year.
The Labor Department said 204,000 workers were added, compared with the median forecast of 120,000, according to a survey of 91 economists. The Bloomberg U.S. Dollar Index gained in three of the past four days. The economy shows signs of “underlying strength,” Fed policy makers said on Oct. 30. The statement pointed to the possibility of reduced bond purchases as soon as December, Citigroup Inc. and Barclays Plc said.