© Reuters Gold loses $30 in settlement after central bank decisions
Gold prices continued to fall into Thursday’s settlement of trade, with the dollar rising following the decisions of many central banks around the world.
The European Central Bank announced today it will raise interest rates by 50 basis points, to 2%, for the first time since 2008.
The bank’s president, Christine Lagarde, expects interest rate hikes to continue in upcoming meetings, with efforts to control inflation in the region.
The selling pressure for the precious metal continued following the US Federal Reserve’s decision yesterday to raise interest rates by 50 basis points while raising its interest rate expectations by the end of next year to 5.1%, versus to the previous 4.6%.
At settlement time, February delivery was down 1.7%, or $30.90, to $1787.80 an ounce.
While it rose, which measures the performance of the US currency against a basket of six major currencies, by 0.8%, to 104.604 points.
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