(Bloomberg) -- Gold swung between gains and losses in New York as investors weighed the outlook for a strengthening economy against speculation this month’s price drop may spur more physical buying.

Bullion closed at $1,193.60 an ounce on Dec. 19, the lowest since August 2010, after the Federal Reserve said it will reduce economic stimulus. U.S. data released yesterday showed consumer spending rose in November by the most in five months and consumer sentiment climbed.

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