BC-US--Commodities-Review, 1st Ld-Writethru,271
Gold prices climb after Federal Reserve minutes
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By The Associated Press
Gold prices climbed Wednesday amid expectations that the Federal Reserve will keep interest rates at record lows.
Gold for August delivery rose $7.80 to settle at $1,324.30 an ounce on Wednesday. Silver for September rose 6 cents to $21.07 an ounce.
In minutes from its June meeting released Wednesday, Fed officials agreed that the central bank will stop buying bonds to support the economy in October but showed no inclination to increase the Fed's benchmark interest rate anytime soon.
The Fed's efforts to support the economy since the financial crisis in 2008 have lured many traders into gold. Many buy precious metals as protection against inflation and a falling dollar, two risks associated with low interest rates.