Sell Scrap Gold Sydney - Gold Set for Worst Streak Since 2009 After Fed Debates Stimulus

Source - http://www.bloomberg.com
By - Phoebe Sedgman
Category - Sell Scrap Gold Sydney
Posted By - Cash Gold Buyer

 Sell Scrap Gold Sydney

Gold dropped for a seventh day, slumping to the lowest level since July, after minutes from a U.S. Federal Reserve meeting showed a debate over the risks and benefits of more stimulus. Silver, platinum and palladium fell.

Gold for immediate delivery fell as much as 0.6 percent to $1,555.55 an ounce, the lowest since July 12, and was at $1,560.15 by 10:47 a.m. in Singapore. A seventh day of losses would be the worst run since March 2009. Bullion for April delivery dropped as much as 1.5 percent to $1,554.30 on the Comex, the lowest most-active price since June 29.

Minutes of the Federal Open Market Committee’s Jan. 29-30 meeting were released yesterday. The minutes showed policy makers were divided about the strategy behind Chairman Ben S. Bernanke’s program of buying bonds, with some saying an earlier end to purchases might be needed, and others warning against a premature withdrawal of stimulus. 

“Sentiment towards the metal has changed,” said Jonathan Barratt, chief executive officer of Barratt’s Bulletin, a commodity newsletter in Sydney.

Bullion climbed for a 12th straight year in 2012 as central banks from Europe to the U.S. and China boosted stimulus. Gold surged 70 percent as the Fed bought $2.3 trillion of debt in two rounds of easing from December 2008 through June 2011. The FOMC at its January meeting decided to continue buying $85 billion in monthly bond purchases.

Platinum for immediate delivery dropped as much as 1.6 percent to $1,621 an ounce, the lowest since Jan. 11, and traded at $1,624.50. Palladium fell as much as 1.3 percent to $729.45 an ounce, the cheapest since Jan. 25, and was at $729.90. Spot silver declined as much as 0.6 percent to $28.3825 an ounce.