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Gold, Silver Fall on Bets Fed May Cut U.S. Bond Purchases

Gold and silver futures resumed slumps on speculation that the Federal Reserve may scale back U.S. debt purchases, curbing demand for the precious metals as a store of value.

Fed Chairman Ben S. Bernanke will discuss the economic outlook in congressional testimony and the central bank will publish minutes of its latest meeting tomorrow. The bank buys $85 billion of Treasury and mortgage debt a month. The dollar advanced as much as 0.6 percent against a basket of currencies. Yesterday, gold gained 1.4 percent, snapping the longest skid in four years.