Gold price on knife edge after post-Fed fall

Posted by Peter Cooper

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Spooked by Federal Reserve’s hawkish stance, hedge funds start liquidating 345 tonnes worth of bullish gold futures positions

Midday Thursday gold was exchanging hands for $1,148.30 – down 3% from from $1,183.50 ahead of the Fed statement and a three week low. Higher interest rates boost the value of the dollar and makes gold less attractive as an investment because the metal is not yield-producing.

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