Gold Prices Fell Globally After US Interest Rate HikeSource: www.export-egypt.com 6/16/2022, Location: Middle East |
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Gold prices inched lower , as the dollar recovered slightly after the US Federal Reserve approved a 75-basis-point interest rate hike, its largest in more than a quarter of a century, to stem a surge in inflation, and flagged a slowing economy.
Spot gold prices fell by 0.17% to US$1830.93 per ounce as of 10:30 UAE time, while gold futures rose by 0.72% to $1832.75 per ounce. The Federal Reserve raised interest rates by three-fourths of a percentage point, the biggest increase since 1994, which will increase the Fed’s benchmark federal-funds rate to a range between 1.5% and 1.75%. |
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