London: Gold today fell to the lowest in more than a week after the Federal Reserve upgraded its assessment of the economy and labour market.
Gold fell 0.6 per cent to USD 1,276.51 an ounce. It reached USD 1,272.10 earlier Thursday, the lowest since January 16. Silver also fell 2.2 per cent to USD 17.60 an ounce.
The Federal Open Market Committee after a meeting in Washington on Wednesday described the economic expansion as solid, an improvement over the moderate performance it saw in December.
Higher rates curb gold’s appeal because the metal typically offers returns only through price gains.