Economics
Gold Drops as Gain in U.S. Confidence Spurs Tapering Bets
This article is for subscribers only.
Gold futures declined for the third straight day after a report showed rising confidence among American consumers, boosting speculation that the Federal Reserve will scale back monetary stimulus.
The Thomson Reuters/University of Michigan final index of consumer sentiment rose more than estimated in November. Earlier, gold climbed as China’s net imports from Hong Kong in October reached the second-highest on record, Bloomberg calculations based on government data show. The metal has slumped 26 percent this year.