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Gold Drops Sharply Below $1210 after Optimistic Fed

Gold was languishing near a three-week low on Thursday after the U.S. Federal Reserve ended its bond-buying stimulus program and expressed confidence in the economic recovery, dimming bullion’s safe-haven appeal.

Spot gold was little changed at $1,212.60 an ounce by 0031 GMT. In the previous session, gold fell to $1,208.26 – its lowest since Oct. 8, before closing down 1.3 percent.  U.S. gold futures slid about 1 percent to $1,212.80 on Thursday, tracking losses in spot gold.

The Fed on Wednesday ended its monthly bond purchase program and dropped a characterization of U.S. labor market slack as “significant” in a show of confidence in the economy’s prospects.

CNBC [1]

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