Gold dives as Fed hikes rates

Gold has posted a negative close for the second consecutive week. The prices reversed sharply lower from the intra-week high of $1,281 per ounce to close the week at $1,254 per ounce, down 1 per cent for the week. The dollar gained strength after the Federal Reserve raised rates by 25 basis points as expected. This, in turn, dragged gold prices sharply lower.Silver prices, on the other hand, were ...