Gold prices drop as U.S. dollar rises after Fed decision
ecPulse
2015-01-29 10:38AM UTC
Gold extended losses from the previous session on Thursday, weighed by the stronger U.S. dollar after the Federal Reserve reiterated its pledge to be patient on raising interest rates. Gold prices fell by 0.65% around $1279,23 an ounce. The Fed confirmed in its meeting yesterday that raising interest rates will be in 2015, and acknowledged the solid economic recovery and strong growth in the labor market. Such dovish comments tend to dent the yellow metal’s appeal as a hedge against inflation. Gold prices were affected by the dollar at its highest levels in 11 years against a six-currency basket. The USDX consolidated around 94.89.
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