|01-08-2015, 11:17 PM||#1|
Gold plunges after Fed meeting minutes
Gold prices dropped on Thursday in light of the strong U.S. dollar impact following the Federal Reserve meeting minutes yesterday.
At 11:42 GMT, the shiny metal gained 0.21% and traded around $1,205 an ounce.
The meeting minutes pointed out that raising interest rates will be before two meetings, and this reduced the demand for gold as a hedge against inflation.
Members of the Fed showed were convinced in raising interest rates despite low inflation, after the decline in crude oil prices over the past couple of months.
The U.S. Dollar Index is trading around 92, rising 0.21%.
The Fed’s confirmation that raising interest rates will not be before the second quarter of this year confirms the recent statements by Fed Governor Janet Yellen to be patient.
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