Gold falls 1.2% to $4,240.1 after Fed hikes to 3.75%-4%
Business
Gold prices slid over 1% on Wednesday after the US Federal Reserve hiked interest rates, aiming to keep inflation in check.
Spot gold was down 1.2% at $4,240.1 per ounce as of 3:10pm ET after the Fed bumped its benchmark rate up to 3.75%-4%.
Fed hike strengthens dollar, metals fall
With the rate hike, the US dollar got stronger, making gold pricier for people outside the US and less attractive overall.
The move was influenced by global issues like trade tariffs and energy tensions linked to conflicts in the Middle East.
It wasn't just gold feeling the impact: silver dropped 1.7%, platinum fell 2.3%, and palladium slipped 1.5%, showing how these big financial decisions can shake up metal markets across the board.