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Gold rises after limited impact from Fed hike

As expected the U.S. Federal Reserve raised interest rates for the third time this year on Wednesday and left intact its plans to steadily tighten monetary policy, as it forecast that the U.S. economy would enjoy at least three more years of growth.

“The fact that the Fed didn’t come out as overly hawkish meant there was some positivity felt through emerging market currencies. This may be playing in gold being gingerly bought,” said Stephen Innes, APAC trading head at OANDA in Singapore.

“Investors remain sellers towards $1,200 an ounce and buyers towards $1,190 … Bargain hunting is definitely coming to the equation at the lower end of the scale.”

 

Reuters

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