New Delhi: Gold international prices extended their overnight losses and tumbled below USD 1,200 per ounce level on Thursday prompted by the Federal Reserve's decision to pare its stimulus, indicating investors may have largely priced in the US central bank's move. Spot gold last traded down USD 13.10 or 1.07 percent at USD 1,206.60 per ounce after hitting an intra-day low of USD 1,198.80 per ounce. On Wednesday, the Fed trimmed the pace of its monthly asset purchases by USD 10 billion to USD 75 billion, and sought to temper the long-awaited move by suggesting its key interest rate would stay at rock bottom even longer than previously promised. Bullion had been supported by the Fed's stimulus as the bond purchases burnished its inflation-hedge appeal. Spot gold has hit multi-year lows several times this year on either strong U.S. economic data or speculation about the timing of the stimulus cut.

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