The policy-making arm of the U.S. Federal Reserve decided on Wednesday to taper monetary stimulus policy by $10 billion. The greenback, which typically performs the inverse of the precious metal, grew stronger and pulled down the price of the yellowish metal to its lowest value since early August 2010. One commodities researcher predicted bullion will continue its bearish trend next year.
"Gold is now likely to grind lower throughout 2014," head of commodities research Jeffrey Currie with Goldman Sachs in New York told the news source on Friday. "Much of the expected price decline has been priced in as opposed to a more gentle process as the Fed backs away from QE. When the gold market sees these events, it usually tries to price it in immediately."
At 9:06 a.m. on Friday, gold futures rose 0.76 percent, a $9.02 lift to $1,197.70 per troy ounce.
With 11 days left in 2013, Reuters reports gold futures are barreling toward their biggest annual losses in 32 years.
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