Gold Climbs a 3rd Day to Extend Rebound From 34-Month Low
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Gold declined for the first time in three sessions as improving U.S. economic data strengthened the case for the Federal Reserve to slow the pace of stimulus and as a rising dollar cut the appeal of alternative investments.
Orders placed with U.S. factories rose in May, the Commerce Department said today. Bullion futures slid 23 percent in the second quarter, the most since at least 1975, as Federal Reserve Chairman Ben S. Bernanke said that the central bank may slow its bond-buying program this year. The dollar gained as much as 0.5 percent against a basket of six currencies, extending the year’s advance to 4.6 percent.