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1st LD Writethru: Gold down slightly ahead of Fed's rate decision

Xinhua, September 18, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange settled slightly lower on Thursday as investors awaited the U.S. Federal Reserve's decision on whether to kick off the first interest-rate hike in nearly a decade.

The most active gold contract for December delivery lost 2 U.S. dollars, or 0.18 percent, to settle at 1,117 dollars per ounce.

The Federal Open Market Committee started its two-day policy meeting Wednesday to discuss raising the rates, which have remained near zero since the height of the financial crisis in 2008, along with several other policy issues.

The Fed will release its policy statement at 2 p.m. Eastern time, shortly after regular trading for Comex gold ends. The statement and Fed Chairwoman Janet Yellen's subsequent news conference, is scheduled to begin at 2:30 p.m. Eastern.

If the U.S. Central Bank lifts rates, gold could lose some of its luster because higher rates boost the appeal of the U.S. dollar, which can weigh on dollar-denominated commodities including gold, according to analysts.

Data released on Thursday showed the U.S. initial claims for the week ending Sept. 12 fell 11,000 to a 264,000 level, pointing to improvement in the labor market. Analyst noted that is one of the very lowest in the past 40 years and which is 13,000 lower than the sample week for the August employment report, weighing on gold prices.

Among other metals, silver for December delivery rose 9.9 cents, or 0.67 percent, to close at 14.984 dollars per ounce, while platinum for October delivery lost 7.3 dollars, or 0.75 percent, to close at 968.4 dollars per ounce. Enditem