Gold slumps after Federal Reserve stayed hawkish on interest rates

Published on Feb 23, 2023 11:45

Gold slumped on Thursday after the Federal Reserve stayed hawkish on interest rates as it continued its resolve to fight elevated inflation levels. The latest Federal Reserve meeting minutes showed that policymakers largely agreed to keep raising interest rates to bring inflation back down within target. Dollar index stayed firm above 104 mark while gold prices took a beating near seven week lows. COMEX gold is currently down 0.24% at $1837.00 an ounce.