Sales

Gold prices fell globally after US interest rate hike

ABU DHABI, Gold prices inched lower on Thursday, as the dollar recovered slightly after the US Federal Reserve on Wednesday approved a 75-basis-point interest rate hike, its largest in more than a quarter of a century, to stem a surge in inflation, and flagged a slowing economy.

Spot gold prices fell by 0.17% to US$1830.93 per ounce as of 10:30 UAE time, while gold futures rose by 0.72% to $1832.75 per ounce.

The Federal Reserve on Wednesday raised interest rates by three-fourths of a percentage point, the biggest increase since 1994, which will increase the Fed’s benchmark federal-funds rate to a range between 1.5% and 1.75%.

Source: Emirates News Agency

Leave a Reply