Conjecture about the U.S. central bank being unlikely to intervene with additional monetary easing pulled down the price of gold futures on Wednesday, according to Bloomberg.
Economic growth in the U.S., host of the globe's largest economy, is projected to continue warding off the need for additional economy-spurring measures. Three voting members of the policy-making arm of the U.S. Federal Reserve said they are disinclined to support intervention, such as a third round of quantitative easing.
"Pockets of profit-taking have been seen," states a Wednesday report penned by analyst James Moore with TheBullionDesk.com, according to Bloomberg. "Comments from several Fed officials diminished the likelihood of QE3, prompting investors to cut."
At 9:28 a.m. on Wednesday, gold futures dropped 0.4 percent, a $6.70 loss to $1,655.70 per troy ounce.
The Economic Times reports the price of the yellowish metal tracked the downward drive of the shared currency of the European Union, which fell after euro zone manufacturing data indicated production was constricting.
The presidents of the U.S. Reserve Banks of Atlanta, San Francisco and Richmond said on Tuesday they are disinclined to support the economy-spurring measures.
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