Gold falls sharply as Fed leaves door open for June rate hike

Gold prices fell sharply after the New York settlement as the Fed left the door open for a June rate hike, boosting the greenback across the board.

Gold for June delivery extended the decline after settling at $1,274.40 an ounce Wednesday. It hit a fresh low of dropped to $1,265 an ounce after the release of the Fed minutes.

Minutes from the Federal Open Market Committee showed most officials saw June hike 'likely' if incoming data showed an improving economy. The Fed also made reference to market expectations, leaving door open for a rate hike in June without pre-committing.