SINGAPORE, Nov 4: Gold eased for a sixth straight session today to trade near near two-week lows as renewed uncertainty over when the US Federal Reserve will scale back its stimulus measures weighed on sentiment.
FUNDAMENTALS
* Spot gold fell 0.1 percent to $1,313.54 an ounce by 0014 GMT, after posting a near 3 percent weekly drop. It fell to a low of $1,305.69 on Friday – its lowest since Oct. 17.
* A top Federal Reserve official said on Friday the U.S. labour market has recovered enough in the last 14 months to allow the central bank to reduce its bond-buying stimulus.
* Another official said inflation has to be higher before the Fed decides to scale back.
* The Fed’s $85 billion monthly bond purchases have burnished gold’s appeal as a hedge against inflation, boosting prices, but signs that the bank is nearing a tapering of the purchases have hurt prices this year.
* The U.S. Mint’s American Eagle gold coin sales rose to a two-year high on Friday, lifting 2013 sales above the previous year’s total and reflecting the consistently strong demand for physical bullion coins among retail investors.
* Hedge funds and money managers broadly raised bullish bets in futures and options of U.S. Gold, silver and copper for the week ended Oct. 22, a report by the Commodity Futures Trading Commission showed on Friday.
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MARKET NEWS
* Asian markets started the week on a sluggish note on Monday, while the euro languished at two-week lows. (agencies)
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