Gold Dips below $1,200 an Ounce for First Time Since June

Paul Dykewicz

[Gold bars]

Gold Dips below $1,200 an Ounce for First Time Since June (Bloomberg)

Gold fell below $1,200 an ounce in London and New York for the first time since June amid an improving U.S. economy and the Federal Reserve‘s announcement yesterday of plans to scale back on its monetary stimulus bond buying in January 2014. Those developments have curbed demand for precious metals as alternative assets. Bullion declined as much as 1.5 percent to $1,199.63 an ounce in London trading — the lowest since June 28. Bullion for February delivery fell as much as 3 percent to $1,98 on the Comex in New York on trading volume that doubled its average for the past 100 days.at one point this morning.

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