USD 64.429

+0.31

EUR 71.2391

+0.64

BRENT 64.86

+1.22

AI-92 42.37

-0.03

AI-95 46.12

+0.01

AI-98 51.87

-0.02

Diesel 46.15

0

13

Gold Tumbled Over $5

U.S. gold dropped to a 5-week low Wednesday as the dollar gained against the euro

U.S. gold dropped to a 5-week low Wednesday as the dollar gained against the euro a day after the US Federal Reserve raised interest rates and warned about rising inflation.

"The funds were big sellers this morning, following the Fed's move yesterday. They shoved it below $425, but there was some option-related buying at the low. We're seeing a short-covering bounce," said one floor trader.

April delivery gold dropped $5.10 weaker at $426.50 an ounce at early trade on the New York Mercantile Exchange's COMEX division.

On Tuesday, the Fed raised its benchmark rate a quarter percentage point to 2.75 percent, its seventh straight increase since last June, saying inflation pressures had picked up and price stability would only be balanced with appropriate policy action.