Gold prices fell on September 22 morning, trading below $1,670 per troy ounce, as markets assess the results of the meeting of the US Federal Reserve System (FRS), Report informs referring to the auction data.
The price of December futures for gold on the New York Comex exchange fell by $6.8, or 0.41%, to $1,668.9 per troy ounce. A day earlier, its value reached $1,661.3, which is the lowest since April 2020. December silver futures fell 0.48% to $19.387 an ounce.
The US regulator expectedly raised the discount rate on September 21 – again by 0.75 percentage points, to 3-3.25% per annum. The Fed also downgraded the US GDP forecast and raised inflation estimates for the current and next years.
Regulator Chairman Jerome Powell said at a press conference that the Central Bank may go for a further increase in the discount rate by 125 basis points until the end of 2022. He also noted that he doesn’t see painless ways to defeat inflation in the country.