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Gold, silver fall as traders expect Fed exit
Gold, silver prices fall as traders anticipate the Fed may be closer to winding down stimulus
By The Associated Press
Associated Press
2013-12-06 06:22 AM

NEW YORK (AP) -- The latest signs of strength in the U.S. economy prompted traders to sell gold and silver futures in anticipation of the Federal Reserve winding down its stimulus program.

Gold fell $15.30 to $1,231.90 an ounce Thursday. Silver fell 26 cents to $19.57 an ounce.

A surprise pickup in U.S. economic growth in the third quarter and plunging claims for unemployment benefits got metals traders thinking that a reduction in the Fed's huge bond-buying program could be coming.

Traders worried that the Fed's stimulus would weaken the dollar and cause inflation, two reasons often cited for holding precious metals. With the end of the stimulus apparently closer, investors are finding fewer reasons to own gold and silver.

Oil rose 18 cents to $97.38 a barrel.

Agricultural futures fell.

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