- The Federal Reserve's policymaking committee raised its key interest rate Wednesday from 1.25% to 1.50%.
- The dollar fell following the decision, and gold spiked.
ADVERTISEMENT
Gold spikes after the Fed hikes rates
Gold prices rose Wednesday after Federal Reserve officials raised its fed funds rate 25 basis points to a range between 1.50% and 1.75%.
Gold is rallying Wednesday, up 1.73% at $1334 an ounce, after the Federal Open Market Committee raised its benchmark interest rate 25 basis points to a range between 1.50% and 1.75%.
The dollar fell after the Fed's decision as the central bank signaled that there will be two more rate hikes this year, drawing more investors toward gold. Some market participants had speculated the Fed could turn a bit more hawkish and suggest a fourth rate hike in 2018.
Gold is up 1.18% this year.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Here's everything to know about being a virgin on your wedding night
7 do's and don’ts of the Holy month of Ramadan
Top 5 sweetest celebrity mother-child relationships that stand out for us
International Women's Day: 5 Nigerian female celebrities championing women’s rights
Top 5 female directors in Nollywood
6 things that will break a Muslim's fast during Ramadan
5 benefits of fasting during Ramadan
5 reasons Easter was more fun when we were children
Dos and don’ts of supporting Muslims during Ramadan
ADVERTISEMENT