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Gold Trades Near Lowest Since January

September 18, 2014 at 5:32 by Vladimir Vyun

Gold and other precious metals declined yesterday after the monetary policy meeting of the Federal Reserve and continued to fall today. The dollar surged following the policy announcement, putting pressure on commodities priced in the US currency. The policy statement was not overly hawkish, but this did not prevent dollar bulls from stepping in and knocking off gold bugs.

Gold halted its multi-year rally in 2011 and entered a downtrend in 2013 after the Fed announced that it is going to start reducing its asset-buying program. It is expected that the central bank will end quantitative easing next month.

Bullion attempted to halt its decline ahead of the meeting but was unable to hold ground afterwards.

December futures for gold sank 0.98 percent to $1,223.80 per troy ounce as of 5:27 GMT on COMEX today, trading near the lowest level since January. Silver tumbled as much as 1.04 percent to $18.54 per ounce. Spot price for platinum lost 0.35 percent to $1,347.95 per ounce, while palladium crashed 1.05 percent to $826.07 per ounce.

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