While the American central bank is expected to increase interest rates aggressively to bring down inflation, the extent of the hike is what the market is watching. Most market participants expect the Fed to raise rate by 75 basis points. Some even expect a rate hike of 100 basis points in the face of economic readings that point to continued red hot inflation.
Gold heads for sharpest weekly decline in four months on Fed rate outlook
Gold prices took a hit on Friday amid strong indicators of US economic growth and climbing oil prices. Spot gold prices sank to their lowest