Gold Slumps Back Near 5-year Lows

Gold’s modest rally was short-lived as prices fell back near 5-year lows Thursday morning.

A slightly dovish Federal Reserve statement failed to give gold any momentum.

Gold for August dropped 8 dollars to $1085 an ounce.

Yesterday’s Fed statement gave little indication as to whether the central bank will raise rates in September.

Most traders are still betting on a rate hike at some point in 2015.

The material has been provided by InstaForex Company –