Gold price takes back some lost ground after Fed meeting minutes

New York (Oct 11)  Gold prices finished lower Wednesday, pressured by growing expectations for a December interest-rate hike by the U.S. Federal Reserve. Waiting for inflation to hit the central bank's 2% target before further interest rate hikes would be a mistake, said Kansas City Fed President Esther George on Wednesday. Gold prices, however, edged higher in electronic trading after minutes from the Federal Reserve's September meeting showed that "several" officials want more confidence about higher inflation before supporting another rate increase. In electronic trading, December gold GCZ7, -0.15% was at $1,290.70 an ounce, after settling with a loss of $4.90, or 0.4%, at $1,288.90 an ounce.

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