Gold Slumps Over 1% In Wake Of Fed Meeting

Gold prices fell sharply on Thursday, a day after the Federal Open Market Committee left the door open to hiking interest rates at its December meeting. Gold for December delivery dropped $16.90, or 1.5%, to $1,159.30 an ounce. Gold settled at a one-week high on Wednesday, but then turned lower in electronic trading after the Fed statement was released at the close of a two-day meeting on Wednesday. December silver futures fell 35 cents, or 2.2%, to $15.94 an ounce. Palladium for December delivery dropped $12.15, or 1.8%, to $673.95 an ounce. January platinum fell $12.50, or 1.2%, to $1,001.10 an ounce. December copper lost 1 cent to $2.360 a pound.