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Gold Futures Fall Most in Nine Weeks on Fed Stimulus Bets

Gold futures tumbled the most in nine weeks after a report showed U.S. jobless claims last week dropped to the lowest since April 2006, boosting speculation that the Federal Reserve will scale back fiscal stimulus soon.

First-time claims for unemployment insurance fell to 292,000 in the week ended Sept. 7, government data showed. Analysts forecast 330,000. A Bloomberg survey on Sept. 6 showed that the Fed will reduce bond purchases by $10 billion this month. Gold rose to a three-month high on Aug. 28 on concern that the U.S. would launch an attack against Syria. Prices fell