Gold Prices Plummet on Fed Hawkishness Amid Asian Buying Surge

The Federal Reserve's hawkish comments have taken their toll on gold prices, causing a 1.8% drop to $4,284.38 per ounce.

The price slide follows a session where gold had already given up 1.3% to trade at $4,302.01, falling below the $4,350 threshold.

Fed officials' remarks hinted at sustained restrictive policy and further rate increases, which has dimmed the appeal of gold as a non-interest-bearing asset.

According to CME data, traders now assign a 90% probability to another hike at the Fed's December meeting, making gold less attractive due to rising rates.