Gold fell to a three-week low on Thursday after the U.S. Federal Reserve ended its bond-buying stimulus programme and expressed confidence in the economic recovery, dimming bullion’s safe-haven appeal.
The strength of the dollar, which hit a 3-1/2-week high against a basket of major currencies after the Fed statement, also hurt bullion.
Ending its monthly bond purchases, the Fed dropped a characterisation of U.S. labour market slack as “significant” in a show of confidence in the economy’s prospects.
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