Gold Fall to 2-Week Low After Fed Indicates Rate Hike in Dec

Gold Fall to 2-Week Low After Fed Indicates Rate Hike in Dec

Commodity gold prices fell to a 2-week low after the US Federal Reserve’s open market committee decided on Wednesday to not change its key policy rate but signals that a December rate hike was still on the table.

Gold for December delivery on the Comex, New York sank $18.00, or 1.53%, to trade at $1,158.10 a troy ounce.

In India, on the Multi Commodity Exchange, copper on the futures exchange was trading 0.7 per cent down at Rs 339 a kg.

One day before, gold rose $ 10.30, or 0.88%, since investors priced in launching a gloomy statement monetary policy of the Federal Reserve.

The Fed panel, after saying that the central bank was being monitored the international situation, added a reference to the potential to increase the rate at the next meeting, on the basis of “realized and hoped that” progress in reaching its stated objectives.

About an hour prior to the decision came out of the meeting, crude oil increased by around five percent and the price of gold had hit $ 1,180 an ounce. However, after the meeting, prices of raw materials fell and gold was trading Thursday around $ 1,160 an ounce, while basic metals fell by one to two percent.

The central bank statement not repeating that global risks would have a probable impact on the US economy, as it warned in its last meeting in September. Investors sang this omission as a bullish signal to decide when to raise rates any time soon.

Investors are now looking ahead to key US growth data for the third quarter due to the 8:30 a.m. ET for more clues about the economic strength.

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