Gold Falls for First Time in Seven Days on Rate Outlook
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Gold fell, ending a six-session rally, as a Federal Reserve official said that the central bank will raise U.S. interest rates sooner than expected, damping demand for the precious metal as an alternative investment.
Fed Bank of St. Louis President James Bullard predicted that borrowing costs will increase in the first quarter, sooner than most of his colleagues expect. Last year, gold futures fell 28 percent amid a U.S. equity rally to a record and signs that the Fed would taper monetary stimulus.