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Gold Declines as Europe’s Debt Crisis Strengthens Dollar

Gold futures fell for the fourth time in five sessions as the Federal Reserve has refrained from announcing more stimulus measures amid mounting signs of slowing global growth.

The International Monetary Fund cut its 2013 global-growth forecast to 3.9 percent from a 4.1 percent estimate in April amid Europe’s prolonged debt crisis. Fed Chairman Ben S. Bernanke will testify before the Senate tomorrow. At its June meeting, the U.S. central bank expanded its program to replace short-term bonds with longer-term debt, while holding off from announcing additional purchases.