Bengaluru — Gold prices fell more than 1% on Thursday as the dollar climbed after the US Federal Reserve painted a favourable economic recovery picture but stopped short of offering concrete signals on further stimulus.

Spot gold was down 1.1% to $1,938.12/oz by 3.21am GMT. US gold futures slipped 1% to $1,951.30. “Investors across the Asia-Pacific are perhaps not inspired by last night’s FOMC (Federal Open Market Committee) meeting, in which the central bank seems to be reluctant to add stimulus in view of improving fundamentals,” said Margaret Yang, a strategist with DailyFx, which covers currency, commodity and index trading. “This led to a stronger US dollar, and a weaker gold price,” she added...

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