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- Gold price declines as an interest rate hike by the Fed this year is still possible
Gold price declines as an interest rate hike by the Fed this year is still possible
Gold price fall as an interest rate hike by the Fed this year is still possible. The Fed released its interest rate decision on Wednesday. The Fed kept its interest rate unchanged at 0.00%-0.25%. This decision was widely expected by analysts.
The Fed pointed out that an interest rate hike in December is still on the table.
"In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation," the Fed said in its statement.
The U.S. Commerce Department released gross domestic product data on Thursday. The U.S. preliminary gross domestic product increased by 1.9% in the third quarter, missing expectations for a 1.6% gain, after a 3.9% rise in the second quarter.
The slower rise was mainly driven by a drop in private inventory investment.
Consumer spending grew 3.2% in the third quarter, after a 3.6% increase in the second quarter.
December futures for gold on the COMEX today declined to 1150.10 dollars per ounce.
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