Gold Prices Drop After Fed Keep Interest Rates Unchanged
Singapore – Gold Prices Drop After Fed Keep Interest Rates Unchanged; Gold Prices Drop from the highest level in two weeks on Friday, erasing some of the sharp gains recorded over the past two days with the release of the Federal Reserve’s decision (the US central bank) on Thursday to keep interest rates unchanged for more than uncertainty on the timing of a rate hike.
Gold fell 0.3 percent to $1127.70 an ounce ounce by 06:41 GMT, after jumping to its highest level in two weeks at $1133.20 an ounce in the previous session.
However, the yellow metal is still heading to end the week on a two percent gain for the convergence of stop losses wave lasted three weeks.
Fed kept interest rates unchanged on Thursday, referring to fears of a weak global economy but left the door open to the possibility of policy tightening is limited, later this year.
Among other precious metals silver fell 0.6 percent to $15.03 an ounce. Platinum fell 0.9 percent to $971.8 an ounce, while palladium down 0.6 percent to $604 an ounce