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Gold Drops Sharply to $1244 after Fed Taper and Equities Rally

Gold prices settled nearly 2 percent lower on Thursday as a pullback in the Federal Reserve’s stimulus program and an equities rally on robust U.S. growth data prompted bullion investors to take profits.

Signs of stabilization after a sharp emerging market selloff, which had boosted gold prices earlier this week, also hit gold’s safe-haven appeal.

The U.S. dollar strengthened and the S&P 500 stock market index rose more than 1 percent after data showed that robust household spending and rising exports sparked a 3.2 percent annual-rate growth in the U.S. economy in the fourth quarter.

CNBC [1]

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