Commodities
Gold Prices Plummet Over 1% Amid Fed Rate Hike
The gold market has been highly volatile in recent times, driven by various factors such as geopolitical uncertainty and monetary policies from the US. The latest development is the Fed's interest rate hike to 3.75%-4%, which has caused a significant reaction in international bullion markets.
According to Reuters, spot gold was priced at $4,240.10 an ounce after the decline, while December US gold futures stood at around $4,387.50 an ounce. This represents a fall of over 1% and 1.7% respectively following the Fed decision.
The long-term numbers tell a different story, however. Gold has been up 16.39% over one year, 144.69% over five years, and 639.59% over 20 years.