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Gold Heads for Longest Run of Weekly Losses Since 2004

Bloomberg - Jan 4, 2013

Gold futures dropped, capping the longest run of weekly losses since 2004, after Federal Reserve minutes showed policy makers may end monthly purchases of U.S. debt sometime this year.

Minutes from the Fed’s Open Market Committee’s meeting on Dec. 11-12 showed yesterday that members were divided between a mid- or end-of-year end to the debt purchases, known as qualitative easing. The metal pared a decline to a four-month low after the U.S. unemployment rate remained at 7.8 percent in December, signaling the central bank probably won’t rush to end its third round of stimulus efforts.

“The market is being held hostage by the Fed’s statement,” David Lee, a vice president at Heraeus Precious Metals Management in New York, said in a telephone interview. “This is a knee-jerk reaction.”

Gold futures for February delivery slid 1.5 percent to settle at $1,648.90 an ounce at 1:35 p.m. on the Comex in New York. Earlier, the price touched $1,626, the lowest since Aug. 21. This week, the metal dropped 0.4 percent, the sixth straight loss and the longest slump since mid-May 2004.

Read Full Article from Bloomberg

- Posted: 2013-01-04 16:04:50


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