Prices for Gold fell to its lowest level in over three weeks on Thursday as the appetite for metal waned after The Fed hinted a rate hike in December this year. The prices for commodity were brought down further by a strengthening dollar.
The US Dollar and bonds reached to their highest levels in six weeks as The Federal Reserve announced that to start shrinking its balance sheet accumulated post 2007 crisis. Furthermore, the meeting also hinted at a possibility of rate hike during the December meet.
The prices for Gold went down by 1.47 Dollar since open falling a lowest of 1293.19 with a seven day moving average of 1314.72 USD an ounce.
Silver prices were relatively unmoved, with a relatively positive upward bump in prices of Platinum and Palladium. The commodities were up by 0.56% and 0.47% respectively.