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The knee-jerk reaction to the most recent Fed meeting took the price of gold lower and below the $1500 level on the nearby December COMEX futures contract. At its September 18 meeting, the US central bank lowered the short-term Fed Funds rate by 25 basis points. The move was the second since July 31 when the Fed cut the rate for the first time in many years.
In 2018, the Fed acted four times to hike rates by a full percentage point. In late 2017, the central bank told markets to expect three rate hikes