Gold prices fell Thursday morning, as traders found hints of a December rate hike in what was first seen as an innocuous Federal Reserve statement.
As expected, the Fed kept interest rates on hold yesterday, but there was one dissenting vote wanting a modest rate hike.
Also, the Fed made no mention of global headwinds, as it did in the previous policy statement.
Gold for December delivery dropped $15, or 1.2%, to $1,160 an ounce, having touched a weekly high early in yesterday’s session.
Atlanta Federal Reserve Bank President Dennis Lockhart is due to speak at 9:10 am ET.
The Labor Department is scheduled to release its weekly jobless claims data for the week ended October 24th at 8:30 am ET. Economists expect jobless claims to have risen to 265,000 from 259,000 in the previous week.
Also at 8:30, the Commerce Department is set to release its advance estimate of third quarter GDP growth. The consensus estimate calls for 1.7 percent sequential growth, a slowdown from the 3.9 percent growth in the second quarter.
The material has been provided by InstaForex Company – www.instaforex.com