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Is Gold heading for 2013 Low?

Gold, heading for the first annual drop since 2000, is approaching its lowest price this year as the Federal Reserve signals it may ease stimulus because of a strengthening economy.

The CHART OF THE DAY shows gold is trading 5.6 percent above a 34-month low of $1,180.50 an ounce set on June 28. UBS AG cut its one-month target to $1,180 yesterday and prices may “easily” fall below $1,125 by the end of December, said John Stephenson at First Asset Investment Management Inc.

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