Gold was heading for its sharpest weekly drop in more than two months as strong U.S. economic data and a possible early rollback of the Federal Reserve’s stimulus measures sent the metal to its lowest since early July.
Spot gold was steady at $1,242.71 an ounce by 0016 GMT, after hitting a fresh four and a half month low of $1,236.29 in the previous session. Gold and silver were both on track for a near 4-percent weekly drop.
Earlier this week, minutes of the Fed’s October meeting showed central bankers could start tapering the $85 billion monthly bond-buying stimulus at one of their next few meetings.
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