A two-year investigation conducted by the Senate Permanent Subcommittee on Investigations has accused Goldman Sachs, Morgan Stanley MS -0.59% and JP Morgan of manipulating commodity prices. In a nearly-400 page report released Wednesday evening, the subcommittee says that these banks have become “heavily involved with” the commodities markets and increasing risks to financial stability, industry and consumers.
Gold futures fell for the second straight day amid speculation that the Federal Reserve will raise interest rates as the U.S. economy gains momentum, crimping demand for the metal as an alternate investment.
Gold futures climbed to a two-week high topping $1,200 an ounce after Russia added to reserves, fueling speculation that a rebound in demand for bars, coins and jewelry will help stem this year’s drop.
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