Indications about the growing strength of the U.S. economy prompted gold futures to lose value for a fourth consecutive trading session on Tuesday, according to Bloomberg.
U.S. Labor Department data released late last week indicated the nation's jobs market is growing stronger, prompting speculation that the U.S. Federal Reserve is preparing to taper economy-spurring monetary stimulus measures. Barring an upward surge during the next 45-plus days, the yellowish metal is poised to close its annual gains streak at 12 years.
"The market seems concerned that the tapering of quantitative easing may start sooner than later and that seems to be weighing on sentiment," states an excerpt of a Tuesday report authored by analyst William Adams with Fastmarkets.com in London, according to Bloomberg. "With effervescent equity markets, a strong dollar and generally good economic data, it seems as though precious metals are out of favor."
At 9:42 a.m. on Tuesday, gold futures edged down 0.14 percent, a $1.77 loss to $1,281.04 per troy ounce.
Reuters reports demand for the yellowish metal in India, a top consumer of bullion, has been slow while the rupee loses value.
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