Gold futures pared gains in New York after a report showed rising confidence among American consumers. The Thomson Reuters/University of Michigan final index of consumer sentiment rose more than estimated in November. Prices earlier were supported as China’s net imports of gold from Hong Kong in October reached the second-highest on record, Bloomberg calculations based on government data show. Gold fell 26 percent this year through yesterday amid concern that the Federal Reserve is ready to trim monetary stimulus. “The U.S. confidence number is telling us that the economy is on the right track, and that’s not so good for gold,� Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview. “While physical demand is a nice story, the support from it is limited.� Gold futures for February delivery gained 0.1 percent to $1,242.70 an ounce at 11:09 a.m. on the Comex in New York, after rising as much as 1.1 percent. Prices reached $1,226.40 on Nov. 25, the lowest since July 8. Trading was 63 percent above the average for the past 100 days for this time of day, data compiled by Bloomberg showed. Gold’s 14-day relative-strength index fell to 31.25 yesterday. A reading below 30 signals to some analysts using technical charts that the price may be set to rebound. The gauge was at 31.83 today. The Bloomberg U.S. Dollar Index, a gauge against 10 major trading partners, gained as much as 0.2 percent. Prices are heading for the first annual drop in 13 years as some investors lost faith in the metal as a store of value and on speculation that the Fed will slow its $85 billion in monthly debt purchases as the economy improves. To contact the reporters on this story: Debarati Roy in New York at droy5@bloomberg.net; Nicholas Larkin in London at nlarkin1@bloomberg.net To contact the editor responsible for this story: Millie Munshi at mmunshi@bloomberg.net

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