Forex
Gold Prices Plummet After US Federal Reserve Interest Rate Hike
The US Federal Reserve raised interest rates on September 16 by a quarter-percentage point to between 3.75% and 4.00%, leading gold prices to fall 1.2%.
Spot gold traded at $4,240.1 an ounce at 3:10 pm US Eastern time, down from its earlier high of $4,365.57, while December gold futures settled 1.3% higher at $4,387.50.
The decision was seen as hawkish by independent metals trader Tai Wong, who stated that the comments and projections are being read as reinforcing the view that there will be additional hikes in upcoming meetings.