Mumbai, Sept. 17 -- Precious metals took a beating after US fed went ahead and raised benchmark interest rate for the first time in three years. Higher interest rates typically weigh on gold. The Federal Open Market Committee (FOMC) voted unanimously to lift the benchmark federal funds rate to a range of 3.75% to 4.0% on Wednesday. It was the US central bank's first rate hike since July 2023. Fed Chair Kevin Warsh restated his concerns over inflation and flagged further increases in borrowing costs in the coming months. COMEX gold futures are down more than 1.5% at $4316.60 an ounce while silver is down over 2% at $63.66 an ounce.
Published by HT Digital Content Services with permission from Capital Market....