Optimism in the gold market quickly faded as investors focused on the Federal Reserve’s signal that they’re still looking to raise interest rates.
Officials “anticipated that the recent global developments would likely put further downward pressure on inflation in the near term,” minutes of the Sept. 16-17 session of the Federal Open Market Committee showed Thursday. Still, policy makers said they were on track to raise rates this year. While equity traders were emboldened by the Fed’s patience and pushed shares higher, in the gold market a bearish mood won the day.
