Gold price in the European market settled on Thursday within a limited range of trading, to stay near the two-week low recorded earlier yesterday, as the dollar strengthened against a basket of currencies, after the decision of the Federal Reserve to raise interest rates for the third time this year .

Gold prices are trading at $ 1,195.47 an ounce from the opening level of $ 1,194.64 by 1033 GMT. The highest level was $ 1,198.56 and the lowest level at $ 1,194.44.

Gold prices closed Wednesday down 0.6%, the third loss in four days, reaching a two-week low of $ 1,190.94 an ounce, following Federal Reserve decisions and Jerome Powell’s comments.

The dollar index rose more than 0.4% on Thursday, extending its gains for the second day in a row, reaching a one-week high of 94.24 points, reflecting continued US currency purchases against a basket of major and minor currencies, American.

At the end of its monetary policy meeting, the Federal Reserve raised interest rates by a quarter percentage point to 2.25 percent on Wednesday, the third increase in US interest rates this year, a fourth increase in December, three increases in 2019, And one increase in 2020.

Federal Reserve also dropped the monetary policy statement, although Jerome Powell, chairman of the Reserve Bank of the Federal Reserve, assured the press conference that the policy was still accommodative. The US central bank had gradually raised interest rates since late 2015 from near zero.

US central bank expected economic growth at a faster pace than expected this year at 3.1%, with growth continuing at an average pace for at least the next three years, as well as a steady decline in unemployment as well as inflation stabilizing near the target of 2%.