Gold Down as US Fed Raises Interest Rates

Posted By: Religare
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Gold futures closed lower in the international market on Thursday as the Federal Reserve raised interest rates and sounded determined to hike again this year.

Gold Down as US Fed Raises Interest Rates

The precious metal often drops when rates rise, as some investors back away from the metal because it doesn't pay interest. Fed Chairwoman Janet Yellen and her colleagues laid out a plan to shrink the central bank's massive $4.5 trillion balance sheet starting this year, as they raised a key U.S. interest rate.

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