Vice Chair Janet Yellen of the U.S. Federal Reserve told congress last week that she will continue monetary stimulus programs should she prevail as the White House nominee for the Fed, when Ben Bernanke's term expires at the end of January.
"The market remains in a 'wait-and-see mode' with reluctant investors and absent physical buyers," states a Tuesday report penned by commodity strategist Andrey Kryuchenkov with VTB Capital in London, according to Bloomberg. Analysts and traders are "still clueless on the exact timing to the looming quantitative easing tapering, with large players in the physical market choosing to stay away for now, given no seasonal rush from Asia until earlier next year."
At 9:08 a.m. on Tuesday, gold futures edged down 0.06 percent, a 74-cent loss to $1,274.70 per troy ounce.
MarketWatch reports the yellowish metal endured its first losses in three trade days on Monday.
Barring an unexpected upward drive, bullion's annual gain streak is forecast to close at 12 years in less than 45 days.
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