Gold fell to its lowest in nearly three years on Wednesday, pressured by strong U.S. economic data that boosted stock markets and supported the U.S. Federal Reserve’s plan to scale back monetary easing in the next few months.
Bullion, now down for a seventh session out of eight, has been sliding since Fed Chairman Ben Bernanke laid out a strategy last Wednesday to wind down the bank’s $85 billion in monthly bond purchases on the back of a recovering economy.
Prices of gold, typically seen as hedge against inflation, have been supported in recent years by central bank steps to support their economies.
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