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Gold prices drift lower after Federal Reserve trims support

AP | May 01, 2014, 10.05 am IST
Picture has been used only for representation purpose. (Photo: DC)
Spot gold saw a sharp sell-off after breaking through key levels at $1,160 and $1,150

New York: Gold prices headed lower after the Federal Reserve stated that it will continue to scale back its support for the economy. Gold for June delivery slipped 40 cents to settle at $1,295.90 an ounce. Silver for July dropped 36 cents to $19.17 an ounce.

The Fed cut its monthly bond purchases by $10 billion to $45 billion, saying the steadily improving economy needs less help. Gold prices have slumped in recent months as expectations build that the Fed will raise interest rates next year, weakening the appeal of gold and other precious metals as investments.

Copper for July dropped by 5 cents to $3.03 a pound. Platinum for July fell $3.50 to $1,427.90 an ounce. Palladium for June rose $4.60 to $812.50 an ounce.

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