GOLD - DROP FURTHER Gold fell for a fourth straight session on Thursday to its lowest level since a 15 percent plunge in mid-April, after the U.S. Federal Reserve signalled it would slow the pace of bond purchases later this year. A scale-back of the $85 billion monthly asset purchases is likely to weaken support for gold prices, already down about 20 percent this year due to rapid outflows from exchange-traded funds and slowing demand in top consumers, India and China Fed Chairman Ben Bernanke said on Wednesday the central bank will continue to reduce the pace of bond purchases in measured steps through the first half of next year, ending purchases around mid-year if the U.S. economy continued to show strength. Until recently, gold - seen as a hedge against inflation - had gained as the global economy took a hit and central banks acted to boost their economies. Gold touched an all-time high of $1,920.30 in 2011.
Posted on: Thu, 20 Jun 2013 08:05:18 +0000
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