Gold eases on the Comex

New York (Nov 19)  Gold fell on reports that support for a Swiss referendum to require the country’s central bank to hold 20% of its reserves in gold bullions is losing momentum.

Gold for December delivery slipped US$3.20 to settle at US$1,193.90 an ounce.

Only about 38% of those polled plan to vote for the Swiss gold measure, according to reports, while Bloomberg reported that about 47% are likely to vote against it.

The referendum, scheduled for November 30, must secure more than 50% support to pass.

However, the bullion managed to pare some losses following the release of minutes from the latest Federal Open Market Committee meeting.

The Fed minutes showed that policy makers discussed how to present the upcoming rate hikes to the market which are expected some time next year.

In other metals, December silver added 0.7% to US$16.29 an ounce.

Source: ProactiveInvestors