Gold Declines to Two-Week Low on Outlook for U.S. Interest Rates

Gold prices fell to a two-week low on concern that the Federal Reserve is moving closer to raising U.S. interest rates, reducing the precious metal’s appeal as a store of value.

Fed officials dropped a pledge to keep borrowing costs near zero percent for a “considerable time,” replacing it with a promise to be “patient,” according to a statement at the conclusion of a two-day meeting today.