Gold plunged $77 per ounce Wednesday, Feb 29, 2012

Gold plunged $77 per ounce Wednesday, Feb 29, 2012

Gold plunges as Bernanke signals no bond buys
Gold, silver plunge after Fed chairman offers no hint of dollar-weakening bond purchases
Gold plunged $77 per ounce Wednesday, the biggest one-day drop since September, as traders dialed back their expectations that the dollar would be weakened by another round of economic stimulus from the Federal Reserve.
Gold for April delivery settled at $1,711.30 an ounce, its lowest close since Jan. 25. May silver also fell sharply, giving up $2.563 an ounce, or 6.9 percent, to settle at $34.642 an ounce.
Both metals fell after Federal Reserve Chairman Ben Bernanke gave no hint in testimony before Congress that the central bank was planning more bond purchases.
Bernanke also said the economy was better than the Fed had expected and that inflation was subdued, suggesting that the Fed might back off its pledge to keep interest rates low through 2014.
The dollar soared and precious metals plunged after Bernanke’s remarks. Investors tend to buy the metals as insurance against a weak dollar and against inflation. Bernanke’s remarks suggested that both of those scenarios were unlikely.
read more:Gold plunges as Bernanke signals no bond buys
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