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Gold Falls From 10-Week High on Fed Tapering Speculation

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Gold futures fell from a 10-week high on speculation that the Federal Reserve will reduce U.S. monetary stimulus this week, trimming demand for the precious metal as a store of value.

The central bank in December cut monthly bond purchases by $10 billion to $75 billion as the economy gained. The Fed will reduce asset purchases by $10 billion at each meeting to end the program this year, according to the median of forecasts by economists this month in a Bloomberg survey. The officials begin a two-day policy meeting tomorrow.