Wednesday, December 4, 2013
Gold edged lower on Thursday following a short-covering rally in the previous session, weighed down by concerns the U.S. Federal Reserve could soon begin tapering its monetary stimulus on strong economic data.
Spot gold fell 0.4 percent to $1,238.30 an ounce by 0027 GMT, after gaining 1.6 percent in the previous session.
Data on Wednesday showed that U.S. private-sector hiring rose in November at the fastest clip in a year, the services industry expanded at a decent pace last month and exports hit a record high in October.
Investors worry that strong data could prompt the Fed to begin scaling back its $85 billion in monthly bond purchases as early as this month.
U.S. GDP data later on Thursday and nonfarm payrolls data on Friday could provide more clues about stimulus outlook.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 2.70 tonnes to 838.71 tonnes on Wednesday.
Barrick Gold Corp said chairman and founder Peter Munk will leave the board at the gold miner's next annual meeting. The incoming chairman said he would consider a hedging strategy, given volatility in the price of gold.
That's all for now.