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Gold melts; Fed minutes underscore taper 'close call'

AP

Gold settled under $1,310 an ounce on Wednesday, after the minutes of the Federal Reserve's Sept. 17-18 meeting showed their decision not to taper was a 'close call' for several members.

The minutes revealed that top officials were concerned that their decision to keep buying $85 billion in bonds each month could harm the effectiveness of communications with investors who largely expected a reduction.

Spot gold was last down 1 percent to $1,305 an ounce, while U.S. gold futures for December delivery settled $17.40 lower at $1,307.20 an ounce.

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The dollar rose from an eight-month low against major currencies as news that Yellen will be nominated as the next Fed chief.

Yellen is expected to continue the Fed's asset-buying program, which has pressured the dollar. Still, the news brought some relief to investors who have been on edge because of the budget deadlock in Washington.

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—By Reuters.

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