Natalie Parkinson
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Gold closed at the lowest level in three years

Gold closed at the lowest in three years as traders capitulated after the Federal Reserve said it would begin tapering its monetary stimulus, extending a slide that’s sending the metal to its biggest annual drop since 1981. Goldman Sachs Group Inc. says the declines aren’t over.

Bullion for immediate delivery fell 2.4 percent to close at $1,188.68 at 5 p.m. yesterday in New York, the lowest settlement since Aug. 3, 2010, and traded at $1,194.43 at 10:56 a.m. in Singapore today. Prices will drop to $1,050 by the end of next year, Goldman Sachs said Nov. 20.