Gold price falls to 2-month low on US Fed stimulus outlook
Gold price fell for a fourth straight session on Thursday to its lowest level since a 15 percent plunge in mid-April, after the US Federal Reserve signalled it would slow the pace of bond purchases later this year.
A scale-back of the $85 billion monthly asset purchases is likely to weaken support for gold prices, already down about 20 percent this year due to rapid outflows from exchange-traded funds and slowing demand in top consumers, India and China.
Spot gold fell 1.6 percent to $1,328.75 an ounce by 0709 GMT, down more than 4 percent for the week. It fell to $1,322.79 earlier in the session - not far off the lows in mid-April when gold fell the most in 30 years.
"I wouldn't be in a rush to say it's the end of gold," said Amber MacKinnon, an analyst at Nomura Securities in Sydney.
"This is definitely a big turning point. But though we have seen some reasonable amount of stability in the US economy, there is still a long way to run."
gold main jo boom aana tha wo aa chuka hai....
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