Gold recovered on Thursday from overnight losses prompted by the Federal Reserve’s decision to cut back its stimulus, indicating that investors had already priced in a small reduction in the central bank’s bond purchases.
Gold’s reaction to the much-feared taper also showed that the metal was unlikely to deepen a 27 percent loss this year – its first annual drop in 13 years.
Spot gold had risen 0.4 percent to $1,222.96 an ounce by 0021 GMT. It lost about 1 percent in the previous session, falling to its lowest since Dec. 6, hurt by a stronger dollar and rallying equities.
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