NEW YORK (AP) — Gold prices are sliding on speculation Federal Reserve officials could start pulling back on support for the economy before the year is out.
Minutes from the Fed’s meeting last month showed that some central bank officials want to end the bank’s bond-buying program relatively soon, saying the costs could eventually outweigh the benefits. The Fed’s stimulus effort has kept interest rates low and driven traders into precious metals like gold.
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The prospect of higher interest rates helped push gold prices down 1.8 percent Wednesday. Contracts for June delivery fell $27.90 to settle at $1,558.80 per ounce.
Silver for May lost 22.8 cents to $27.65 per ounce. Copper and other industrial metals also fell.
Prices for key crops were mixed. Wheat and soybeans dropped, while corn edged up.
