Gold dropped to a four-month low in New York and headed for the longest run of weekly losses since 2004 after Federal Reserve minutes showed policy makers may end their US$85 billion monthly bond purchases this year. Silver declined to the lowest since August, Bloomberg reported.
It noted minutes released yesterday showed a divide among Fed members on how long the purchases should last. Participants who provided estimates were "approximately evenly divided" between those who said it would be appropriate to end the purchases around mid-2013 and those who said they should continue beyond that date. Gold futures fell below their 200-day moving average and are down for a sixth week, the longest run since May 2004.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
