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Gold steadies as US Fed drops less-dovish hints of 'some' hikes in 2019

Prices crossed the 200-day moving average around $1,252 an ounce before the Fed's statement on Wednesday

Reuters  |  Bengaluru 

Gold prices steadied on Thursday, after shedding half a per cent in the previous session as the US Federal Reserve delivered a less-dovish outlook on monetary tightening than many had expected. In a widely anticipated decision, the US central bank hiked interest rates by 25 basis points on Wednesday. But what took markets by surprise was the Fed's commitment to retain the core of its plan to tighten monetary policy, despite rising uncertainty about global economic growth. Spot gold rose 0.1 percent to $1,244.56 per ounce at 0506 GMT, after declining the most since Nov. 27 in ...

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First Published: Thu, December 20 2018. 10:41 IST