Gold hit a near-three year
low on Wednesday, falling for a seventh session out of eight, as
strong U.S. economic data boosted stocks and supported the
Federal Reserve's plan to scale back its bond purchases in the
next few months.
Bullion prices have been sliding since Fed Chairman Ben
Bernanke hinted,to reduce its $85 billion monthly bond purchases
in the near future,supported by a recovering economy.
Spot gold fell 1.4 percent to $1,258.54 an ounce by
0202 GMT. Gold for immediate delivery fell to $1,254.74 earlier
- its lowest since September 2010, while Comex gold also
fell to a near 3-year low of $1,254.6.
