Gold futures declined to the lowest price in more than two weeks on speculation that central banks will curb stimulus, lowering demand for the precious metal as a store of value. Standard & Poor’s lifted its outlook for the U.S.’s AA+ credit rating yesterday to stable from negative, citing receding fiscal risks. Bank of Japan officials today left a lending program unchanged, adding to signs that global policy makers may step back from stimulus measures. Gold futures for August delivery slid 0.6 percent to settle at $1,377 an ounce at 1:40 p.m. on the Comex in New York, after touching $1,364.50, the lowest for a most-active contract since May 23. Federal Reserve Bank Chairman Ben S. Bernanke said last month that the central bank could curtail its $85 billion monthly bond purchases if the U.S. employment outlook shows a sustainable improvement.
Posted on: Wed, 12 Jun 2013 02:39:07 +0000
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