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8/19/2020, 8:23 PM (Source: TeleTrader)
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Gold falls 3% after Fed releases meeting minutes

Gold price in United States dollars dropped over 3% on Wednesday after the US Federal Reserve's Federal Open Market Committee released minutes from its latest monetary policy meeting, where the FOMC expressed concerns about the future economic developments amid the coronavirus pandemic. Also, White House Chief of Staff Mark Meadows said earlier in the day that an agreement on a stimulus package bill worth $1 trillion is likely to be struck between the Democratic Party and the Republicans, thus possibly impacting investor sentiment further.

Gold lost 2.86% to $1,944.00 per ounce at 2:33 pm ET. Its price in euros declined 2.43% to €1,637.1170 at 2:48 pm ET.

Silver dropped 2.60% to sell for $26.64 per ounce at 2:33 pm ET, while palladium fell by 1.59% to $2,168.60 per ounce at the same time. Platinum decreased by 2.81% to change hands for $934.55 per ounce at 2:34 pm ET.

Breaking the News / MS