Gold futures lose more than 1% after Fed statement
ecPulse
2014-10-29 19:29PM UTC
Gold prices added to their losses on Wednesday, after the U.S. Federal Reserve said it will be ending its bond-buying program and enhanced its outlook for the U.S. labor market. Investors were hoping to see a more dovish language from the Federal Reserve, which would have boosted gold prices, but following the announcement, the U.S. dollar rallied, and put more pressure on gold. The idea of tighter monetary policy dampens demand for gold, lessening its appeal against interest rate-bearing investments. Also, the Fed suggested improved economic strength and better labor market conditions, which also dulled the appeal of gold as a shelter from economic uncertainty. Gold futures for December delivery, the most active contract on the Comex, were last down 1.44% at $1211.20 per ounce, the lowest level in three weeks. As of 19:23 GMT. Futures were at $1224.90 an ounce before the decision when the regular session ended. Spot gold was also down 1.08% at $1210.52 per ounce. Platinum, palladium and silver turned lower after the Fed decision. Silver lost more than 1.2%, platinum fell 0.7% and palladium fell 0.65%.
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