Gold fell as a decline in energy costs reduced demand for the precious metal...
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 in Chicago. ``If gold doesn't have support from other markets, it's going to have a technical breakdown.''
Gold futures for August delivery fell $9.30, or 1 percent, to $882.30 an ounce on the Comex division of the New York Mercantile Exchange.
The dollar was little changed against the euro before the Fed's statement, scheduled for 2:15 p.m. The Federal Open Market Committee will leave the benchmark interest rate at 2 percent, the lowest in three years, according to all 102 economists surveyed by Bloomberg News.