| The Federal Reserve once again didn’t do gold any favors this week. Spot gold was down on Thursday to $1,279.24 per ounce on more outflows from gold exchange-traded funds (ETFs) after the Fed stuck with its plan to reduce its monthly bond-buying program. The yellow metal touched a one-week low of $1,277.09 earlier in the day.
The Fed’s decision to reduce its monthly bond purchases was reinforced by its view that the US economy is on the path to recovery. This week, US data showed that consumer spending was at its highest level in over four and a half years in March, while factory activity increased in April. Market watchers will be on the lookout for US nonfarm payrolls data, scheduled to be released on Friday...............................................Full Article: Source
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