As the attentions turned to the possible future interest rate hikes of the Fed, the gold price reached its lowest level of the last 3-weeks.
Gold prices remained near the lowest level of the last three weeks, with investors turning their attention to the possibility of a future increase in the interest rate by the Fed after its recent decision to raise interest rates for the third time within the last six months.
Spot gold was quiet at $ 1,260.87 per ounce. The metal became $ 1,260.86 on Wednesday, with a 0.5 percent decrease after the Fed increased the interest rates the third time within the past six months.
The metal dealers think that as the intensity of the sales wave this week is thought, the market will go on at these levels.
Fed policy makers kept their estimations for another interest rate increase in 2017 at their final meeting and gave some details about their intention to reduce the amount of bilateral stocks reaching $ 4.5 trillion. Despite the Fed’s commitment to raise interest rates and its commitment to the normalization of interest rates, concerns about the outlook for inflation and future interest rate hikes continue. If the market eventually starts to price the current rate of interest increase, this will remove a major problem for gold and will allow prices to be stubbornly disrupted at $ 1,300.
The Bloomberg Dollar Spot Index, which tracks the US currency against 10 major currencies, has rebounded 0.3 percent from its lowest level since October.
Spot silver fell 2 per cent to $ 16.8675 per ounce while platinum fell 0.3 per cent to $ 930.60 per ounce, and palladium fell 0.8 per cent to $ 856.95 per ounce.