Gold prices were trading lower late Sunday night, with prices around $1,921 an ounce, according to various reports.
The price of gold futures fell sharply after the Federal ReserveFederal Reserve decided to raise benchmark interest rates for the first time since 2018, according to Dow Jones Newswires.
The price of gold fell by 0.7% to $1,920 in April. An ounce is 60 an ounce. Gold fell 2.8% for the week. The gold prices fell on the back of a rally in the U.S. dollar, as investors continued to digest the Federal Reserve'sFederal Reserve's new hawkish stance, said Edward Moya, senior markets analyst at Oanda.
Carlo Alberto De Casa, an external market analyst at Kinesis Money, said that the evolution of the war between Russia and Ukraine and the next Fed decisions will be the main market drivers for the gold price. The gold did not get much of a boost from safe-haven flows or inflation concerns in early Asian trading, according to a report by Reuters.