Gold declines as Fed may start cutting stimulus

London, Dec 16. Gold today fell for third day in four amid speculation that US Federal Reserve policy makers may start cutting stimulus, and as a survey showed that holdings in exchange-traded products will contract further. Gold fell by 0.6 per cent to 1,231.15 dollar an ounce and silver by 0.8 per cent to 19.54 dollar an ounce. The Federal Open Market Committee begins a two- day meeting tomorrow as the number of economists who forecast policymarkers may start curbing 85 billion dollar of monthly bond purchases this month. A total of 311 metric tons will be withdrawn from bullion-backed exchange-traded products next year, a survey of analysts suggested.