Gold stays below $1,300 as markets worry about U.S. stimulus Gold was stuck below $1,300 on Tuesday, trading near a 3-1/2 week trough as investors fret over the timing of the U.S. Federal Reserves stimulus tapering and as physical demand was not strong enough to provide a floor to prices. * Spot gold ease 0.1 percent to $1,281.56 an ounce by 0026 GMT. It has been trading below $1,300 since Friday and has fallen about 3 percent in the last four sessions. * Prices have been under pressure since last Thursday as strong data on U.S. economic and jobs growth increased fears of an early end to the Feds stimulus measures. * Golds drop below $1,300 has failed to attract demand in Asia as buyers waiting on the sidelines expect prices to weaken further. * A special Romanian parliamentary commission overwhelmingly rejected a draft bill that would allow Canadas Gabriel Resources to set up Europes biggest open-cast gold mine in the Carpathian mountains. * Global banker BNP Paribas lowered its 2014 gold price forecast to $1,095 an ounce from $1,155, citing a recovery in the U.S. economy and lackluster demand. * Zimbabwe may halt exports of raw platinum to South Africa to force mining companies to build a refinery in the country as a two-year deadline has expired, state media quoted President Robert Mugabe as saying.
Posted on: Tue, 12 Nov 2013 01:34:00 +0000
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