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Gold Watch: Fed holds rates steady despite inflationary concerns
Posted on June 25, 2008
Gold for August dropped $9.30 to close at $882.30 an ounce on the New York Mercantile Exchange. Bloomberg reports: Gold fell as a decline in energy costs reduced demand for the precious metal as a hedge against inflation. If we get continued weakness in crude, gold can retest the lows, said Frank McGhee, the head metals trader at Integrated Brokerage Services LLC. If gold doesn't have support from other markets, it's going to have a technical breakdown. The expectation is that the Fed is going to leave everything unchanged and continue the anti-inflation talk, McGhee said. Reute...
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