Gold futures were slipping in value on Monday as speculation mounted about the status of economy-spurring stimulus measures with the U.S. Federal Reserve, according to Bloomberg.
Chair Janet Yellen with the Fed said earlier this month that the body she leads is likely to continue with policy that is accommodative. As of late, the Fed has been tapering the amount of monthly asset purchases, which Yellen said might come to a close during the second half of this year.
"While the recent U.S. payroll data was just below forecasts, we believe the Federal Reserve will continue to scale back stimulus," states a Monday email authored by analyst Lachlan Shaw with Commonwealth Bank of Australia, according to Bloomberg. "With safe-haven demand risks weakening and the U.S. economy seemingly on track again, we anticipate the gold price to begin tracking lower."
At 9 a.m. on Monday, gold futures edged down 0.35 percent, a $4.50 loss to $1,299 per troy ounce.
Reuters reports the precious metal was hovering on Monday after Friday's gains totaled 1.2 percent, marking bullion's strongest performance in about three weeks.
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