Gold Heads for Longest Run of Weekly Losses Since 2004
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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.