Gold prices move lower 2% say Pacific Chiba Trust as it hits a six-year lows after Fed rate hike
Gold prices move lower 2% say Pacific Chiba Trust as it hits a six-year lows after Fed rate hike Gold futures fell by nearly $30 an ounce on Thursday, moving back down to near six-year lows. This came in first full session for gold since the Federal Reserve hiked interest rates for the first time in nearly a decade . “Gold for February delivery traded in a broad range on the Comex division of the New York Mercantile Exchange, moving between $1,046.90 and $1,073.20 an ounce before settling at $1,051.80, down 25.00 or 2.32% on the session” commented Charles Harper, Head of Corporate Finance at Pacific Chiba Trust. The precious metal saw its worst one-day fall since late-October, marking the seventh session it crashed by more than 2% on the calendar year. Gold likely gained support at $1,046.20, the low from Dec. 3 and was met with resistance at $1,121.90, the high from Nov. 4 . Major rate hikes, though, are viewed as bearish for gold, which struggles mightily to c...