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Gold sharpens decline to ten-month low
Gold prices kept falling on Thursday to a ten-month low amid mounting negative pressure that bashed the precious metal lower, as the dollar surges and commodity demand wanes after the Federal Reserve's meeting.
Gold last traded at $1,129.8 an ounce, down from the opening of $1,142.7, with an intraday high at $1,144.3, and a low at $1,125.8.
Gold's drop comes amid ongoing negative pressure from dollar's surge to a 14-year peak against main currencies, pushing the yellow metal to a ten-month trough.
Gold demand tumbled after The Federal Reserve hiked interest rates to 0.75%, while forecasting three more hikes next year, which would hurt the gold as a value vessel with no yield.
In addition, gold kept falling as haven demand wanes and investments go to riskier assets like stocks and bonds.
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