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Gold Futures Fall for Third Session on Fed Stimulus Bets

Gold fell for the third straight session on concern that the Federal Reserve will slow the pace of U.S. fiscal stimulus, eroding demand for the metal as a store of value.

Fed Bank of St. Louis President James Bullard said on Sept. 20 that tapering may start in October after the U.S. central bank unexpectedly refrained last week from reducing monthly bond purchases of $85 billion. Twenty-four of 41 economists surveyed by Bloomberg News last week said the Fed will scale back stimulus in December.