Gold rises as Bitcoin falls

CHICAGO. Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as investors reacted to a sharp fall in the value of Bitcoin.

The most active gold contract for June delivery rose 13.5 U.S. dollars, or 0.72 percent, to close at 1,881.5 dollars per ounce.

Investors also took positions in gold ahead of the release of the Federal Reserve’s Federal Open Market Committee (FOMC) meeting minutes, which was released shortly after the market’s close.

The minutes stated that the economy remains far from FOMC goals, and FOMC members believe that any price increases from bottlenecks are likely to only have “transitory effects” on inflation, easing investors’ fear that the Federal Reserve may rapidly lift benchmark interest rates.

Gold prices moved down in electronic trading following the release of FOMC minutes.

Silver for July delivery fell 30.8 cents, or 1.09 percent, to close at 28.025 dollars per ounce. Platinum for July delivery fell 23.7 dollars, or 1.93 percent, to close at 1,201.6 dollars per ounce.

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