Gold Set to Drop a 3rd Day as Growth Damps Stimulus Bets
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Gold declined for a third day as investors weighed whether the Federal Reserve will signal a new round of measures to boost the economy tomorrow and as Spain said it will delay a decision on seeking aid.
Fed Chairman Ben S. Bernanke will speak tomorrow at an annual meeting in Jackson Hole, Wyoming, where in 2010 he foreshadowed $600 billion of bond buying. U.S. consumer spending rose in July for the first time in three months, while more Americans than forecast applied for unemployment benefits last week, separate government reports showed today. Spain’s Prime Minister Mariano Rajoy said the country will delay seeking a sovereign bailout until the aid conditions are clear.