Gold prices fell on
Wednesday as the U.S. central bank reiterated its commitment to raising
interest rates some time in the latter part of the year.
Gold for February
delivery dropped $5.80, or 0.5%, to settle $1,285.90 an ounce but the
precious metal pared some of its earlier losses after the Federal
Reserve™s policy statement. March silver futures recovered to close flat
at $18.09 an ounce.
The Fed remained
upbeat about the economy, noting its œsolid growth and œstrong job
gains. The central bank officials repeated that inflation is likely to
reach the 2% target and that the Federal Reserve can be œpatient in
tightening the monetary policy, according to the statement.
On Tuesday, gold
prices enjoyed another move higher, after a sharp, unexpected fall in
U.S. durable-goods orders hammered equities and spurred demand for haven
plays.
Source : MarketWatch
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