(Kitco News) - Comex gold futures prices dropped sharply in late U.S. trading Thursday and hit another fresh nearly three-year low below $1,200.00. Pre-placed sell stop orders were triggered on the down-move, to exacerbate selling pressure. The steep price decline coincided with reported remarks from Atlanta Federal Reserve President Dennis Lockhart. Comex August gold was last down $28.70 at $1,201.10 an ounce. Spot gold was last quoted down $23.40 at $1,202.50. July Comex silver last traded down $0.142 at $18.445 an ounce. Lockart said in a speech that the Fed will eventually reduce its balance sheet (meaning wind down its quantitative easing and monthly bond buying). He also said...
↧