Metals Stocks: Gold stays in the red after Fed meeting

LOS ANGELES (MarketWatch) — Gold turned lower on Thursday, failing to keep its momentum after getting slight bump in the immediate aftermath of the Federal Reserve’s statement.

At last check, gold for February delivery GCG5, -0.49% dropped $ 6.90, or 0.5%, to $ 1,279 an ounce, while March silver futures SIH5, -1.37% shed 29 cents, or 1.6%, to $ 17.79 an ounce.

In the prior session, gold prices came under pressure after the U.S. central bank reiterated its commitment to raising interest rates some time in the latter part of the year.

The Fed remained upbeat about the economy, noting its “solid” growth and “strong job gains.” The central bank officials repeated that inflation is likely to reach the 2% target and that the Federal Reserve can be “patient” in tightening the monetary policy, according to the statement.

On Thursday’s economic docket, initial weekly unemployment claims and pending home sales for December will both be released. Also, the Census Bureau will unveil its housing vacancies and home ownership report.

In other metals, platinum for April delivery PLJ5, -0.38%  dropped $ 5.50 to $ 1,253.00 an ounce, while palladium for March delivery PAH5, -0.21%  lost $ 2.30 to $ 792.65 an ounce. High-grade copper for March delivery HGH5, -0.95%  slipped by 3 cents, or 1%, to $ 2.45 a pound.


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