Strong US Dollar Sends Metals Lower

From orbex.com

Gold prices were shunted lower this week as the US Dollar surged to fresh highs in response to the September FOMC and latest US data. At its September meeting, the Fed raised rates by a further 0.25% as expected while revising higher its growth forecasts and confirming its projections for a new rate hike in 2018 along with three further hikes in 2019. The statement also took a hawkish shift with the Fed dropping the term “accommodative” from the description of its monetary policy approach as well as saying that “further gradual increases” in its policy rate will likely be necessary. While Powell was keen to ... (full story)