Gold price edges down, all set for its largest annual loss since 1981

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Gold price posted its biggest weekly loss in a month after the US Federal Reserve's decision last week to start scaling back its bond-buying stimulus, which was followed by upbeat GDP data. (Reuters) Gold price posted its biggest weekly loss in a month after the US Federal Reserve's decision last week to start scaling back its bond-buying stimulus, which was followed by upbeat GDP data. (Reuters)
SummaryGold price affected by pre-holiday trade, US economy and impact of US Fed stimulus tapering.

year end due to tax implications."

Hedge fund managers cut their bullish bets on gold only modestly in the week to Dec. 17, data released on Friday showed.

Physical demand picked up in Asia as prices fell towards $1,200 last week but not to the same level seen during earlier price drops this year.

Volumes traded on the Shanghai Gold Exchange for the 99.99 percent purity gold contract were lower than Thursday's two-month peak. Premiums edged up $2 to $18 an ounce from Friday.

Silver rose 0.4 percent to $19.44 an ounce. Spot platinum was up 0.4 percent at $1,332.40 an ounce, while spot palladium rose 0.1 percent to $696.60 an ounce.

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