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Gold Slides Amid Fed Decision to Maintain Interest Rates
(MENAFN) Gold prices slipped below the $4,700 mark on Thursday after the US Federal Reserve decided to keep its benchmark interest rate unchanged, according to reports.
The Fed maintained its rates in the 3.5–3.75% range on Wednesday, in line with market expectations.
On Thursday, gold traded between $4,686.89 and $4,867.12 per ounce, standing at around $4,690 as of 0910GMT, representing a 2.7% drop compared with the previous day.
Earlier in January, gold had reached a record high, approaching the $5,600 level.
Silver also experienced a decline, with its price per ounce falling 5.44% to $71.
The Fed maintained its rates in the 3.5–3.75% range on Wednesday, in line with market expectations.
On Thursday, gold traded between $4,686.89 and $4,867.12 per ounce, standing at around $4,690 as of 0910GMT, representing a 2.7% drop compared with the previous day.
Earlier in January, gold had reached a record high, approaching the $5,600 level.
Silver also experienced a decline, with its price per ounce falling 5.44% to $71.
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