Gold hits $1300 on Fed fears of stimulus withdrawal

Gold hit $1300 an ounce today, down 5 per cent over Wednesday's close, as fears of stimulus withdrawal by the Fed Reserve gripped gold markets.

On Wednesday Federal Reserve Chairman Ben Bernanke hinted a withdrawal of the Fed's Asset Purchases programme, sending the metal sharply lower.

The Fed's comments also had an effect on other markets including the stock markets which tumbled. In India gold Futures for July delivery were last seen trading at Rs 27,200 on the MCX.

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