Gold prices fell further Thursday, extending 5-year lows after a top Federal Reserve official made the case for hiking interest rates in December.
There is no reason to keep interest rates at record lows near zero, James Bullard, President of the St. Louis Federal Reserve said.
The current unemployment rate of 5 percent is “statistically indistinguishable” from the Fed’s long-term goals, and inflation stripping out unusually low energy prices is actually near the Fed’s target as well.
December gold was $3.90, or 0.4%, lower to settle at $1,081 an ounce.
Prices are on track to fall for a fourth week in a row.
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