Gold Price Heads for Weekly Record Loss; US Fed Looks to Taper QE

The US Federal Reserve showed no sign of changes, but analysts feel quantitative easing is coming as GDP numbers and other indicators in the US economy grew stronger.

“Gold fell for a fifth session heading for its biggest weekly loss in a month as strong U.S. economic data raised fears the Federal Reserve may start to taper its commodities-supportive stimulus measures,” according to Reuters. “Holdings in SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.7 percent to 921.05 tonnes on Thursday, hitting fresh four year lows.”

On MetalMiner’s price index, the price of Indian gold bullion closed, following a couple days of improvement, down by 1.2 percent.

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Japanese gold bullion ended the day after a 0.5 percent drop on Thursday. Chinese gold bullion finished the day down 0.4 percent. The price of US gold bullion fell 0.3 percent.

PGM Market Prices

The price of Japanese platinum bar rose by 1.1 percent yesterday after remaining flat for two days. US platinum bar finished the day up 0.1 percent. The price of Chinese palladium bar declined 1.2 percent. US palladium bar fell 0.1 percent on Thursday. The price of Japanese palladium bar was essentially unchanged.

The price of Japanese silver closed lower Thursday, halting its two-day flat run with a 1.0 percent decline. The price of US silver rose 0.4 percent after a two-day drop. The price of Chinese silver showed little movement yesterday.

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