Gold for August delivery GCQ3 -0.28% fell $5.90, or 0.4%, to $1,381.70 an ounce on the New York Mercantile Exchange. Particular focus will be on the FOMC [Federal Open Market Committee] meeting, considering the recent rise in government bond yields. We think risks for gold remain to the downside as central banks are unlikely to announce more easing,” said Valérie Plagnol, strategist at Credit Suisse.
Some strategists contend worries over tapering are overblown. And a story last week in The Wall Street Journal indicated Bernanke wants to reassure investors that an eventual tapering of the Fed’s bond-buying program won’t be accompanied by any immediate hike in interest rates, which are expected to remain near zero.
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