Gold is looking for direction. Will it find? Forex Trading
, a widely expected move that wiped out some predictions that the central bank was making a more aggressive hike.
Overall, the XAU/USD gold price is down 7.8% this year as the highest inflation rate in decades prompted central banks from Europe to the US to raise interest rates at the strongest pace in recent memory. Higher rates reduce the attractiveness of gold, which is not an interest bearing asset. US inflation peaked at 9.1 percent in June, as measured by the 12-month change in the US consumer price index. But it has failed to fall as quickly as Federal Reserve officials had hoped in recent months: In August, it was still 8.3 percent
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