Bengaluru — Gold prices inched lower on Thursday as investors took profits. The metal hit a two-week high in the previous session, thanks to a weaker dollar after the US Federal Reserve disappointed investors who were expecting more hawkish comments on the trajectory of interest rate rises. The Fed raised interest rates on Wednesday and forecast at least two more increases in 2018 — one less than most market watchers were expecting. In its first policy meeting under new Fed chief Jerome Powell, the US central bank indicated that inflation should finally move higher after years below its 2% target and that the economy had recently gained momentum. "The FOMC [Federal open market committee] statement was more dovish than we thought warranted…. At some stage, the Fed will have to grasp the nettle, but the danger is that in doing so, it will bring forward a credit crunch," said Alasdair Macleod, head of research with Toronto-based Goldmoney. "These are good conditions for gold, because w...
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