For Quick Alerts
For Daily Alerts

Gold Prices Inch Lower After US Fed Held Key Rates Steady; Dollar Gains


The precious yellow metal gold decreased in price in Friday's session after dollar strengthened as the US Federal Reserve kept key rates unchanged on overall strong US economy that is lagging only marginally due to drop in the business investment growth. The fourth hike by the US central bank for the year is expected in December.

Gold Prices Inch Lower After US Fed Held Key Rates Steady; Dollar Gains

The statement by Fed reflected little change in its outlook for the economy since its last policy meeting in September. Inflation remained near its 2 percent target, unemployment fell, and risks to the economic outlook were still felt to be "roughly balanced."

Spot gold was trading lower by 0.1% at $1221.78 an ounce at 0124 GMT. On the previous trading day, gold prices fell to the lowest in a week to $1,219.59 per ounce. US gold futures traded lower by 0.2% to $1223 an ounce.

Meanwhile Asian stocks dropped in trade on Friday after the US Fed maintained its stance to continue raising interest rates gradually.

In the domestic markets, gold in 22K is priced at Rs. 31,000 per 10 gm while 24K gold is available for Rs. 32,050 per 10 gram.

Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more