After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
Analysts generally doubt how effective the People Bank of China's latest interest rate announcement will be in significantly helping businesses grow.China Economyread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
Flight bookings to Hong Kong have fallen 10%, hit by the unrest in the city, said Alan Joyce, the chief executive of Australian carrier Qantas Airways.Airlinesread more
Japanese manufacturing activity shrank for a fourth straight month in August as export orders fell at a sharper pace.Asia Marketsread more
These in-demand skills can command top pay packets, says Feon Ang of professional networking site LinkedIn.Get Aheadread more
The Washington governor had centered his campaign around climate change, calling it "the most urgent challenge of our time."Politicsread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
Ford is one of four automakers that reached a voluntary agreement with California on fuel efficiency rules, defying Trump and his administration's effort to strip the state of...Autosread more
Gold fell to its lowest in a month on Friday as the U.S. dollar strengthened after the Federal Reserve reaffirmed its monetary tightening stance, seen as a negative for non-yielding bullion.
The Fed held interest rates steady on Thursday but is widely expected to raise interest rates in December - which would be its fourth hike this year - as it pointed to a healthy economy marred only by a dip in the growth of business investment.
Spot gold was down 1.19 percent at $1,208.91 per ounce, having touched its lowest since Oct. 11 at $1,206.72. It was on track to end the week more than 2 percent lower, the steepest weekly decline since the week of Aug. 17.
U.S. gold futures settled down 16.5 percent to $1,208.6 per ounce.
"The Fed's announcement caused the dollar to strengthen and the outlook for higher U.S. interest rates has gold on the defense," said Bob Haberkorn, senior market strategist at RJO Futures.
Higher interest rates would be bullish for the dollar because investors from other parts of the world would rather convert local currencies to the greenback versus going into gold, he said.
The dollar index, tracking it against six major currencies, climbed, setting its sights on a 16-month high hit on Oct. 31.
Also weighing on overall commodity market sentiment, was a decline in oil prices, with benchmark Brent crude falling to its lowest since early April.
"Gold is re-establishing its relationship with the crude oil market," said Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York.
Gold can be used as a hedge against inflation fueled by higher oil prices.
Meanwhile, silver dropped about 1.73 percent to $14.16 per ounce, having touched its lowest since Sept. 18. The metal was headed for its worst week since February.
"With gold down 1 percent, it would be pretty hard for silver or platinum or palladium to rally," RJO Futures' Haberkorn said.