LOS ANGELES (MarketWatch) — Gold took another turn lower in electronic trade Thursday, but the damage was minimal as prices found some support from those turning away from equities ahead of a possible reduction to the Federal Reserve's monetary stimulus.
AFP/Getty Images Midday in East Asia, gold for February delivery (GCG4) was trading down $3.80, or 0.3%, at $1,253.40 an ounce. March silver (SIH4) shed 6 cents, or 0.3%, to $20.30 an ounce.
A day earlier, gold futures had backed away from a three-week high to finish lower for the first time in three sessions as a U.S. budget deal helped dull the precious metal's appeal.
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Standard Bank's Walter de Wet said that the potential agreement eliminates "another hurdle to economic growth" and increases the chances of a stimulus taper this month. "From a tactical perspective," he said, "we still believe that gold should be sold into rallies."
The Federal Reserve is set to convene a pivotal meeting next week to discuss the next move in its bond-buying plan.
Elsewhere in metals trading, January platinum (PLF4) fell 60 cents to $1,385.10 an ounce, while March palladium (PAH4) lost $1.05 to $737.50 an ounce.
High-grade copper for March delivery (HGH4) gave up a penny to $3.29 a pound.
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