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1st LD Writethru: Gold prices lower following release of Fed minutes

Xinhua, July 10, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday after the release of the minutes from the Federal Open Market Committee's meeting the previous month.

The most active gold contract for August delivery dropped 4.3 U. S. dollars, or 0.37 percent, to settle at 1,159.20 dollars per ounce.

The precious metal was put under pressure after the U.S. Federal Open Market Committee released its minutes from the previous month. Investors are watching carefully for signs that the Federal Reserve may raise interest rates for bank loans.

Originally investors expected rates to be raised in June but due to several weaker than expected reports released on employment levels, the expectation has been pushed back to September. This report bolstered supporters of that claim.

The U.S. Dollar Index rose by 50 percent to 96.69 as of 18:15 GMT. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Silver for September delivery rose 19.8 cents, or 1.31 percent, to close at 15.361 dollars per ounce. Platinum for October delivery fell 13.4 dollars, or 1.29 percent, to close at 1,022.40 dollars per ounce. Endite