Apr 30, 2014 4:02 PM GMT (Bloomberg)
Gold futures fell for the third straight day on speculation that the Federal Reserve will press ahead with cuts to monetary stimulus even after the U.S. economy stalled.
Gross domestic product grew at a 0.1 percent annualized rate in the first quarter, compared with a 2.6 percent gain in the previous quarter, government data showed today. Gold slumped 28 percent last year, the most since 1981, partly on concern that the Fed would slow the pace of monetary stimulus.
Gold futures rebounded in New York after the U.S. GDP report boosted demand for the metal as a haven. The metal slid 0.2 percent to $1,293.20 after earlier losing 0.9 percent.