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Gold prices declined after the Federal Reserve raised interest rates by 25 basis points and signaled further tightening, strengthening the U.S. dollar and increasing the opportunity cost of holding the non-yielding metal.
Gold prices declined as a spike in oil prices, driven by Middle East tensions, fueled inflation fears. Markets are now pricing in a 92% probability of a Federal Reserve interest rate hike this week, pushing Treasury yields and the dollar higher.
Gold prices climbed on Wednesday after a two-day decline, while crude oil eased from recent highs, as investors positioned themselves ahead of a highly anticipated interest rate announcement from the U.S. Federal Reserve.
Spot gold has breached the critical 200-period moving average on its 5-hour chart, a key bearish signal for traders. Technical analysis points to immediate support at $4,260, with a break potentially accelerating the downward trend.
Shares of Goldman Sachs slid after the Federal Reserve signaled a more aggressive path for interest rates and CEO David Solomon acknowledged softness in a key trading division.
Shares of Goldman Sachs fell 4% after CEO David Solomon warned of a slowdown in fixed-income trading and rising expenses for the third quarter, offering an early look at the bank's performance.
