The gold price is set for a weekly loss after the Federal Reserve continued to taper its monthly asset purchase program known as quantitative easing. As widely expected, the Fed once again cut its monthly asset purchases by $10 billion dollars to $45 billion dollars, with policy makers signalling further cuts are likely.

Gold was also driven down by bullish comments from the Fed about the state of the U.S. economy, despite the economy only expanding by 0.1% in Q1.

Assets in the world’s largest gold ETF, the SPDR gold trust declined 0.3% yesterday to 785.55 metric tonnes, the trusts lowest reading since January 2009.

Silver dropped 0.4% to $18.96 per ounce, platinum fell 0.3% to $1,419.75 per ounce and Palladium closed trading at $814.04 per ounce.