Top Stories
Top Stories

Gold melts; Fed minutes underscore taper 'close call'

Reuters with

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 for December delivery settled $17.40 lower at $1,307.20 an ounce.

Chart: Precious Metals

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.

For more information on precious metals, please click here.

—By Reuters.