Gold falls on stronger U.S. treasury yields

By Xu JingUnreguser

CHICAGO, Aug. 17 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as the U.S. treasury yields rose.

The most active gold contract for December delivery fell 13 U.S. dollars, or 0.73 percent, to close at 1,776.7 dollars per ounce.

Shortly after the floor trading of gold closed, the Federal Reserve released the Federal Open Market Committee minutes, showing the Federal Reserve believes that a more restrictive policy stance is required to meet the dual mandate of inflation control and boosting employment. The Federal Reserve also anticipates a slower pace of rate hikes at some point.

Gold rebounded somewhat in electronic trading after the release of the minutes.

Many Federal Reserve officials were also worried about overtightening.

The U.S. Commerce Department reported Wednesday that U.S. retail sales were unexpectedly unchanged in July as a result of falling gasoline prices, better than expected.

Silver for September delivery fell 35.4 cents, or 1.76 percent, to close at 19.731 dollars per ounce. Platinum for October delivery fell 12 dollars, or 1.29 percent, to close at 919.3 dollars per ounce.

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