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Metals Stocks: ‘Fearless’ Fed whacks gold, putting prices on track for lowest settlement in 3 weeks

Gold prices marked their lowest settlement in three weeks on Thursday, building on a retreat that started Wednesday afternoon as the Federal Reserve raised interest rates and sounded determined to hike again this year.

August gold GCQ7, -1.60% fell by $21.30, or 1.7%, to settle at $1,254.60 an ounce—the lowest most-active contract finish since May 24. July silver SIN7, -2.31% tumbled by 42 cents, or 2.5%, to $16.716 an ounce, for the lowest settlement in about a month.

The precious metal often drops when rates rise, as some investors back away from the metal because it doesn’t pay interest.

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