Gold dropped as investors weighed whether the U.S. economy is strong enough for the U.S. Federal Reserve to pare stimulus and assessed India’s latest move to rein in imports. Silver, platinum and palladium fell.
Spot gold lost as much as 0.5 percent to $1,396.25 an ounce, and traded at $1,396.65 at 2:16 p.m. in Singapore. Prices rose 0.3 percent yesterday as a private report showed that U.S. companies hired fewer workers than projected in May, backing the case for the Fed to maintain asset purchases.
Gold fell 17 percent this year as the Dollar Index, little changed today, rallied 3.5 percent amid speculation that Fed policy makers will start to wind down bond purchases. India’s imports may fall as much as 20 percent this year, the All India Gems & Jewellery Trade Federation said, after the largest bullion user yesterday increased a duty on inbound shipments.
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