Gold on Pace for Record Quarterly Drop

Bloomberg reported that gold plunged to a 34-month low on Wednesday,  joining precious metals on a major slide on the back of news that the U.S. economy is improving, and a reduction of QE is looming.

As quoted in the market report:

Gold dropped 23 percent this quarter, heading for its biggest loss since at least 1920 in London. Fed Chairman Ben S. Bernanke said last week the central bank may slow its asset-purchase program this year if the economy continues to improve. U.S. durable-goods orders rose more than expected, home sales advanced to the highest in almost five years and consumer confidence climbed, data showed yesterday.

To view the whole Bloomberg report, click here.