NEW YORK (TheStreet) -- Gold prices were plummeting on Thursday as lower inflation projections from the Federal Reserve triggered traders to test the yellow metal's lowest price level since September 2010.
Gold for August delivery at the COMEX division of the CME was tumbling $70.40 to $1,303.60 an ounce. The gold price traded as high as $1,351.20 and as low as $1,285 an ounce.
"We are somewhat surprised by the strong reaction of the gold price to the Fed's meeting, since the Fed is only adhering to its long-known and publicized plan," Commerzbank AG wrote in a note on Thursday morning.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV