Gold fell for a sixth day in New York, trading below $1,300 an ounce, as investors weighed when the U.S. Federal Reserve will slow the pace of bond purchases.
Federal Reserve Bank of Dallas President Richard Fisher, one of the most vocal critics of quantitative easing, said yesterday the central bank is closer to slowing bond purchases. Gold rose 7.3 percent in July, the first gain since March, after Fed Chairman Ben S. Bernanke said that it’s too early to decide whether to begin paring asset purchases in September.
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