Gold rout drags NY precious metals down after FOMC

Newswire

NEW YORK, Jan 29 (Reuters) - COMEX gold tumbled below $400 an ounce Thursday as speculation that the Federal Reserve was moving toward raising interest rates stifled the dollar disinvestment that lifted gold to 15-year highs this month. A slew of developments on the disposition of central bank gold reserves gave nervous speculators another incentive to take profits on their bullish bets. Gold's nearly 4 percent drop on record volume opened the door to deeper losses in thinly traded ...

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