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Gold edges lower as Fed uncertainty lingers

Source : REUTERS
Last Updated: Mon, Sep 09, 2013 03:55 hrs
​Gold

Gold edged lower on Monday, dragged down by uncertainty over when the U.S. Federal Reserve will trim the massive bond-buying programme that has boosted the metal's appeal as a hedge against inflation.

FUNDAMENTALS

Gold had fallen $3.32 an ounce to $1,387.56 by 0012 GMT. It slipped to $1,362.55 on Friday, its weakest since August 22, before rallying more than 1 percent on weaker-than-expected U.S. nonfarm payrolls.

U.S. gold was up $1.30 at $1,387.80 an ounce.

U.S. employers hired fewer workers than expected in August and the jobless rate hit a 4-1/2-year low as Americans gave up the search for work, complicating the Fed's decision on whether to scale back its monetary stimulus this month.

But comments from Fed officials suggested the tapering plan is still on track. Esther George, the Kansas City Fed's consistently hawkish leader said she favoured trimming the bond-buying programme. Chicago Fed President Charles Evans said he could be swayed towards a pullback.


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