Gold prices plunge on Fed rate cut

Gold fell over two per cent to a one-month low on Wednesday on the Federal Reserve’s hint of a possible rate cut slowdown next year. This hint offset the effect of the Fed’s rate cut by 0.25 per cent on Wednesday.

Spot gold prices rose at 7:07 GMT by 1.07 per cent to $2,613.35 per ounce, compared to the previous closing price of $2,585.78.

Meanwhile, US gold futures decreased 1.03 per cent to $2,625.96, compared to Friday’s closing of $2,653.3.

Attribution: Amwal Al Ghad English, Reuters

Subediting: M. S. Salama

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