8/15, 1:53 PM (Source: TeleTrader)
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Gold drops 1.5% as Fed remains in spotlight

Spot gold fell by over 1.5% on Monday, extending losses as traders assessed the possibility of the United States Federal Reserve raising interest rates further. The demand for the yellow metal seems to have suffered as it bears no interest.

The Federal Open Market Committee is set to release the minutes from its July monetary policy meeting on Wednesday and market participants hope to take more cues about the path the central bank will take in the future.

Gold decreased by 1.54% to $1,773.86 per ounce at 8:01 am ET. Silver lost 2.98% to $20.21 per ounce a minute later. Platinum declined 3.08% to $935.37 per ounce at 8:02 am ET. Palladium fell by 2.57% to $2,156.20 per ounce concurrently.

Baha Breaking News (BBN) / MS