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Gold recovers ground after hitting 8 ½-month low

FXStreet (Córdoba) - Gold fell to its lowest level since january Thursday after the Federal Reserve signaled the rise in US interest rates could be faster than expected.

The yellow metal fell to an 8 ½-month low of $1,216.03 an ounce as the dollar rallied across the board following Fed’s statement. Even though the Fed repeated that rates would stay near zero for a “considerable time”, rates projections indicated it could hike rates faster once it starts moving.

The metal managed to recover ground but with the upside being capped by the $1,225 zone, it was confined to a slim range over the last hours. At time of writing, gold trades at $1,223.81 an ounce, 0.15% above its opening price.

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