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.
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