Gold futures dropped on Thursday to log their lowest settlement since 2009, as the metal succumbed to a soaring dollar.A rally in the greenback came on the heels of the first interest-rate hike by the Federal Reserve in nearly 10 years, weighing on dollar-denominated metals.
Shortly after gold prices settled in regular trading in New York on Wednesday, the Federal Open Market Committee, led by Fed Chairwoman Janet Yellen, raised its fed-funds rate to a range of 0.25% to 0.5%, putting an end to a seven-year run of near-zero interest rates.
February gold GCF6, +0.42% sank $27.20, or 2.5%, to settle at $1,049.60 an ounce after touching a low of $1,046.80. Prices saw their lowest settlement level since October 2009, based on the most-active contracts. They settled 1.4% higher on Wednesday, ahead of the Fed decision.
March silver SIH6, +0.31% dropped 54.5 cents, or 3.8%, to $13.703 an ounce, following a 3.5% climb a day earlier.
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