Gold futures suffered their biggest one-day drop of the year Thursday, as the Federal Reserve strongly hinted that additional interest rate hikes are imminent.
The Fed stood pat on rates at yesterday’s meeting, but said the U.S. economic fundamentals are strong. They maintained their forward guidance on interest rates, calling for two more rate hikes by year’s end.
June gold settled at $1,228.60/oz, down $19.90, or 1.6%, the lowest in seven weeks.
Physical demand for gold is down 18% year-on-year in the first quarter, according to the World Gold Council.
The material has been provided by InstaForex Company – www.instaforex.com
May 04, 2017 at 11:43PM
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