Gold price hits highest level since mid-June as the Fed continues to dither on QE timing.
The gold price moved lower on Wednesday before breaking out of its recent trading range of $1,360 – $1,370 an ounce despite the US Fed's minutes revealing very little about changes to monetary policy.
By mid-afternoon Wednesday, an ounce of gold for December delivery was changing hands for $1,379, the highest for the day and levels last seen mid-June on Comex in New York.
Precious metals investors had been worried that the July minutes of the US central bank meeting would indicate that the Fed will start tapering off its quantitative easing program as soon as next month.
The Fed has been reviewing QE and is eager to throttle back ...