Gold dips to about £3,060 an ounce after the Fed holds rates with two votes for a hike
Gold eased to roughly £3,060 a troy ounce on Wednesday evening, or about £98 a gram before dealer costs. That is our approximate conversion of the $4,035 quoted by Kitco, which showed the metal down about 0.6 per cent after the Federal Reserve's decision.
The Fed kept its target range at 3.75 to 4.00 per cent, as markets had expected. The surprise was the vote: 10 to 2, with two policymakers, Lisa Cook and Beth Hammack, preferring an increase, according to Kitco. The statement gave no guidance on future moves. CME's FedWatch tool, as reported, shows roughly a 78 per cent chance of a December rise, down from about 84 per cent before the announcement.
Gold pays no interest, so the prospect of higher rates tends to weigh on it. Even so, the reaction was mild, and analysts quoted by FX Empire and ActionForex point to support near $3,975, about £3,015. Gold briefly slipped under $4,000 last week, its lowest since July.
Next up are US GDP and PCE inflation figures, which could shift rate expectations again. For UK buyers, investment gold is VAT free, so the all-in price is spot plus dealer premium plus delivery. Comparing that total across dealers matters more than any single day's spot move. This is market information, not financial advice.