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Gold sheds 1.5% despite falling dollar
Gold prices fell on Thursday, despite the US dollar's fall against most currencies, after the release of weak economic data.
The US Federal Reserve has kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.
Fed Chairman Jerome Powell said if the US economy continues to recover, the Fed may announce the date of reducing bond-buying next November.
The US Department of Labor revealed that the number of initial unemployment claims was at 351K last week, lower than forecasts of 322K.
The dollar index fell against a basket of currencies by 0.5% to 93.03 points as of 18:04 GMT, after it hit a high of 93.5 points and a low of 92.9 points.
Gold spot prices fell by 1.5% to $1,752.5 18:04 GMT.
Dollar deepens losses on weak data
The US dollar fell against most of its peers on Thursday, after the market absorbed the Federal Reserve's statement, following the release of weak economic data.
MoreOil extends gains, Brent rises near $77
Oil prices rose on Thursday, after a drop in the US crude inventories, while the US dollar fell against its peers.
MoreOil continues to rise, Brent hits 2-month peak
Oil prices continued to rise as the US market opened on Thursday, for the third day in a row, and Brent crude hit a new 2-month high after a drop in the US inventories, a sign on improved US demand.
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