Gold plummets ahead of Fed meeting on rate hike bets
December 15, 2015 7:40 am
Gold was still affected by overnight losses sustained Tuesday as investors expected the Federal Reserve to raise interest rates for the first time since June 2006.
Higher rates are awaited to bolster the US dollar but weaken the demand for the yellow metal.
Spot gold closed at $1,064.20 an ounce, up 0.2% on Monday. Gold has already wiped out 10% for the year, its third consecutive decline. Silver dropped to $13.66, previously $13.60, its lowest since August 2009.
The material has been provided by InstaForex Company – www.instaforex.com
Gold was still affected by overnight losses sustained Tuesday as investors expected the Federal Reserve to raise interest rates for the first time since June 2006.
Higher rates are awaited to bolster the US dollar but weaken the demand for the yellow metal.
Spot gold closed at $1,064.20 an ounce, up 0.2% on Monday. Gold has already wiped out 10% for the year, its third consecutive decline. Silver dropped to $13.66, previously $13.60, its lowest since August 2009.
The material has been provided by InstaForex Company – www.instaforex.com
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