Gold falls below $1,200 for first time since 2010

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Associated Press

Posted on June 27, 2013 at 1:01 PM

Updated Thursday, Jun 27 at 1:02 PM

Gold is falling below $1,200 an ounce for the first time in almost two years as traders anticipate an eventual end to the Federal Reserve's economic stimulus program.

Gold for August delivery lost $18.20, or 1.5 percent, to settle at $1,211.60 an ounce Thursday. It went as low as $1,196 an ounce, the first time it traded below $1,200 since August 2010.

The price of gold has been falling sharply since last week, when the Fed said it could wind down its $85 billion in monthly bond purchases by the middle of next year, as long as the economy continues to improve. Gold traded at $1,350 an ounce before the Fed made its announcement last Wednesday.

Energy futures ended mostly higher and crop prices were lower.

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