Gold hikes as the US Federal Reserve raised interest rates

Gold hikes as the US Federal Reserve raised interest rates

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LONDON: Gold prices edged higher on Thursday but remained locked in a narrow range near 1-1/2-year lows after the US Federal Reserve raised interest rates and said it planned four more increases by the end of next year and another in 2020.

Gold is sensitive to higher US interest rates because they tend to boost the dollar, making gold more expensive for buyers using other currencies.

Silver was up 0.9% at $14.42 an ounce and platinum was 1.1% higher at $829.70 an ounce. Palladium was up 1.4% at $1,081.22 an ounce after touching an eight-month high of $1,084.10.

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