Gold Falls Most in 10 Weeks on Fed Stimulus Outlook; Silver Sags
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Gold capped the biggest drop in 10 weeks in New York amid concern that the Federal Reserve will reduce its bond buying as U.S. lawmakers reached a budget agreement. Silver and palladium also tumbled.
A two-year U.S. budget accord is on track to win passage in Congress. American retail sales in November climbed 0.7 percent in November, the most since June, government figures showed today. The Fed may begin cutting stimulus at its Dec. 17-18 meeting, according to 34 percent of economists surveyed Dec. 6 by Bloomberg, up from 17 percent on Nov. 8.