MCX Gold Drops as Expectations

Trading MCX Gold today declined and headed for its worst week in four as Federal Reserve Chairman Ben S Bernanke damped expectations for monetary stimulus. The MCX gold fell 1.4 per cent to USD 1,569.53 an ounce. More information visit my site

It's down 3.5 per cent this week, the most since May 11. MCx Silver also lost 1.8 per cent to USD 28.052 an ounce and was 1.6 per cent down this week, the longest losing streak since November 2000.

Bullion rallied at the end of last week as data showing the slowest US employment growth in a year increased speculation that policy Stock makers would act to spur growth. Bernanke told lawmakers the Fed has options for further easing while declining to specify them.

He said the central bank will need to assess conditions before deciding if more measures are required to stoke an economy threatened by Europe's debt crisis and US budget cuts. China said it will cut interest rates for the first time since 2008. The People's Bank of China said its benchmark lending and deposit rates will fall by 25 basis points from today. (Bloomberg) RS

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