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Gold prices climb after Federal Reserve minutes

July 9, 2014

The Associated Press

Gold prices are settling higher amid expectations the Federal Reserve will keep interest rates at record lows.

Gold for August delivery rose $7.80 to settle at $1,324.30 an ounce on Wednesday. Silver for September rose 6 cents to $21.07 an ounce.

In minutes from its June meeting released Wednesday, Fed officials agreed that the central bank will stop buying bonds to support the economy in October but showed no inclination to increase the Fed's benchmark interest rate anytime soon.

Metal prices had settled for the trading day before the minutes were released, then climbed higher afterward. U.S. stocks and Treasury bond prices rose, pushing yields down.

Industrial metals ended mixed. Corn dropped five cents to $5.51 a bushel. Crude oil sank $1.11 to settle at $102.29 a barrel.

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Source: Associated Press

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