The price of gold slumped below $1,200 an ounce Thursday, a day after the Federal Reserve said it would pull back on its stimulus program.
Gold went as high as $1,900 an ounce in August 2011 partly because traders feared that the Fed’s efforts to support the U.S. economy with easy money policies would cause inflation. That never happened.
The price of silver also fell sharply. The March contract fell 87.3 cents, or 4.4 percent, to $19.186 an ounce.
High-grade copper for March delivery fell 2 cents, or 0.7 percent, to $3.2955 a pound. March palladium fell $3.15, or 0.5 percent, to $693.30 an ounce and January platinum fell $24.30, or 1.8 percent, to $1,318.40 an ounce.
In other trading, crude oil rose 97 cents, or 1 percent, to $98.77 a barrel.
Wholesale gasoline futures rose 4 cents to $2.74 a gallon and heating rose 2 cents to $3.03 a gallon. Natural gas rose 21 cents to $4.46 per 1,000 cubic feet.
Gold went as high as $1,900 an ounce in August 2011 partly because traders feared that the Fed’s efforts to support the U.S. economy with easy money policies would cause inflation. That never happened.
The price of silver also fell sharply. The March contract fell 87.3 cents, or 4.4 percent, to $19.186 an ounce.
High-grade copper for March delivery fell 2 cents, or 0.7 percent, to $3.2955 a pound. March palladium fell $3.15, or 0.5 percent, to $693.30 an ounce and January platinum fell $24.30, or 1.8 percent, to $1,318.40 an ounce.
In other trading, crude oil rose 97 cents, or 1 percent, to $98.77 a barrel.
Wholesale gasoline futures rose 4 cents to $2.74 a gallon and heating rose 2 cents to $3.03 a gallon. Natural gas rose 21 cents to $4.46 per 1,000 cubic feet.
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