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Gold reverses gains after Fed raises rates

Reuters  |  NEW YORK/LONDON 

By Renita D. Young and Peter HobsonNEW YORK/LONDON (Reuters) - Gold prices turned lower on Wednesday after the U.S. Federal Reserve announced it was raising interest rates.The Fed's move was widely expected but marked a milestone in the U.S. central bank's shift from policies used to battle the 2007-2009 financial crisis and recession.Spot gold lost 0.1 percent at $1,294.73 per ounce by 2:25 p.m. EDT (1825 GMT), after earlier hitting $1,292.15, its lowest since June 5. U.S. gold futures for August delivery settled up $1.90, or 0.2 percent, at $1,301.30 per ounce. The U.S. dollar ...

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First Published: Thu, June 14 2018. 00:15 IST