© Archyde.com Gold drops $30 at settlement following central bank decisions
Gold prices continued their decline at the settlement of Thursday’s dealings, with the rise of the dollar following the decisions of many central banks around the world.
The European Central Bank announced today that it will raise interest rates by 50 basis points, to 2%, for the first time since 2008.
The bank’s president, Christine Lagarde, expected the interest rate hike to continue in the upcoming meetings, with efforts to control inflation in the region.
Selling pressures for the precious metal continued following the US Federal Reserve’s decision yesterday to raise interest rates by 50 basis points, while raising its interest expectations by the end of next year to 5.1%, compared to 4.6% previously.
Upon settlement, February delivery fell 1.7%, or $30.90, to $1787.80 an ounce.
While it rose, which measures the performance of the US currency once morest a basket of six major currencies, by 0.8%, at 104.604 points.
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