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Gold Heads for Worst Monthly Performance Since June on Tapering

Gold headed for a third monthly loss on speculation that the Federal Reserve will begin reducing monetary stimulus as the U.S. economy strengthens, damping demand for haven assets.

Bullion for immediate delivery traded at $1,242.65 an ounce by 12:55 p.m. in Singapore from $1,244.13 yesterday, when the metal rose 0.5 percent. Gold is down 6.1 percent in November, the worst performance since June, when prices touched a 34-month low of $1,180.50, and is little changed this week.