Gold Ends Lower With Focus On Fed QE Taper

Gold market update for December 17: Gold futures broke a two-day gain as cautious investors await the outcome of the two-day US Federal Reserve meeting beginning on Tuesday. In response positive economic cues, the Fed is expected to announce the tapering of its bond-buying stimulus program, so speculations now hinge on the timetable and magnitude of the cut that would made. The February delivery for gold—the most actively traded contract—closed Tuesday at $1,226.50 an ounce, down over 1 percent from the previous session. Palladium also took a hit, dropping 2% to a two-month low on technical sales. Elsewhere, in Europe, overall economic confidence gained. Read more…