20.06.201304:36:55UTC+00Gold values decline as fed signals stimulus slowdown

Gold futures declined Thursday, stung after the Federal Reserve signaled that it may trim the amount of financial stimulus it provides as early as this year.

Copper moves lower

Elsewhere Thursday, copper prices for July delivery moved back 3 cents, or 1%, to $3.11 a pound in electronic trade, with the industrial metal extending losses after HSBC’s China manufacturing survey showed activity was slowing in June.

The manufacturing Purchasing Managers’ Index fell to a nine-month low of 48.3, down from May’s final reading of 49.2. A reading below 50 indicates contraction.

July silver was dropped 45 cents, or 2.1%, to $21.17 an ounce, and July platinum diminished $17.80, or 1.3%, to $1,406.10 an ounce.

September palladium gave up $7.90, or 1.1%, to $688.50 an ounce. The contract on Wednesday closed Nymex floor trading below $700 an ounce for the first time since May 8, according to FactSet data.