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- Gold price declines as the U.S. dollar recovers after the Fed’s interest rate decision
Gold price declines as the U.S. dollar recovers after the Fed’s interest rate decision
Gold price fell as the U.S. dollar recovered after the Fed's interest rate decision. The Fed kept its interest rate unchanged at 0.00%-0.25% last Thursday.
The Fed took into account the slowdown in the global economy and low inflation expectations. That was the main reason to keep the monetary policy unchanged.
Comments by St. Louis Fed President James Bullard also weighed on gold price. He said in an interview with CNBC on Monday that the Fed should raise its interest rates and that the interest rate hike in October is possible.
Gold is traded in U.S. dollars. It suffers when the U.S. dollar strengthens, becoming more expensive for holders of other currencies.
October futures for gold on the COMEX today declined to 1131.20 dollars per ounce.
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