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Gold futures settle lower after Fed interest rate hike

02 Feb 2023 Evaluate
Gold futures settled lower on Wednesday, as the investment appeal of the bullion dulled after Federal Reserve hiked the interest rate by 25 basis points to the 4.5% to 4.75% range. However, the losses were limited as the rate hike is in anticipated range.

Gold futures for April finished lower by $2.50 or 0.1% to settle at $1942.80 ounce on the Comex division of the New York Mercantile. However, spot gold rose by 0.09% or $1.67 to $1,952.19 per ounce.