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May 26, 2024
Egypt Bulletin
Business

Gold prices plummeted globally following the US interest rate hike

The price of gold inched lower on Thursday as the dollar recovered in the wake of the US Federal Reserve’s approval, in line with many analysts’ expectations, of a 75-basis-point interest rate increase – its largest in over two decades – to stem a surge in inflation, and signal a slowing economy.

Gold prices plummeted globally following the US interest rate hikeAs of 10:30 UAE time, spot gold prices fell by 0.17% to US$1830.93 per ounce, while gold futures rose by 0.72% to $1832.75 per ounce. Federal Reserve officials raised interest rates by three-fourths of a percentage point, the biggest increase since 1994, which will raise the Fed’s benchmark federal-funds rate to a range between 1.5% and 1.75%.

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