Washington: Gold prices continued to decline on the eve of the Federal Reserve's decision to raise interest rates by a quarter of a percentage point. The yellow metal fell 1% in spot trading to reach $4,249 per ounce.
According to Emirates News Agency, several central banks raised their key interest rates today following the US central bank's decision. This included the central banks of Saudi Arabia, Oman, Qatar, and Bahrain. However, the Central Bank of Kuwait maintained its interest rates, choosing not to follow the trend initiated by the Federal Reserve.