Gold falls more than 1% after Fed hikes interest rates
GLD•Other precious metals weaken
Meanwhile, Brent crude retreated after reports of additional Saudi crude cargoes via Oman eased Middle East supply concerns, while a smaller-than-expected U.S. crude draw added pressure. O/R
Spot silver XAG= fell 1.7% to $62.57 per ounce, platinum XPT= declined 2.3% to $1,735.33 and palladium XPD= shed 1.5% to reach $1,269.95.
Fed rate hike sends gold lower
Gold prices reversed course to fall over 1% on Wednesday after the U.S. Federal Reserve raised interest rates and flagged further increases in borrowing costs in the coming months, sending the dollar higher and hurting non-yielding bullion.
Spot gold XAU= was down 1.2% at $4,240.1 per ounce as of 3:10 p.m. ET (1910 GMT), after having climbed more than 1% to a session high of $4,365.57 earlier. U.S. gold futures GCcv1 for December delivery settled 1.3% higher at $4,387.50.
