Bengaluru — Gold fell to its lowest in a week on Thursday, as the US Federal open market committee (FOMC) doused expectations of a near-term rate cut, and on lack of physical demand in Asia. Spot gold shed 0.4% to $1,270.86 an ounce as of 10.18am GMT. It fell to $1,269.69, its lowest since April 24, earlier in the session. US gold futures fell 0.9% to $1,272.70 an ounce. “The [gold] market is under pressure after a lack of follow through on the upside as prices could not break above $1,290 after several attempts and there was nothing important out of the FOMC,” said Afshin Nabavi, senior vice-president at MKS SA. In line with the expectations of most of the market participants, the Fed left the benchmark interest rates unchanged on Wednesday. However, investors were taken by surprise when the US central bank emphasised that it saw no compelling reason to consider a rate cut any time soon, citing continued job gains and economic growth. Higher interest rates increase the opportunity...
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