Gold and silver are getting smashed
At 12:20 p.m. ET, gold futures are down 3.1%, or $36.25 an ounce, to $1,127, the lowest level since January.
After a roaring start to the year, the precious metal has tumbled nearly 17% from its peak in July.
Because gold does not bear any interest, its appeal sours when interest rates rise or are expected to go higher. This is not always the case, however.
Additionally, the dollar surged after the Fed's interest rate decision.
Silver futures are down 7.2%, or $1,24 an ounce, to $15.977.
"Although almost every market participant expected a rate hike, gold has taken a significant hit since yesterday's move by the Fed," said RBC Capital Markets commodity strategists in a note on Thursday.
"In the context of the most recent fall in gold prices, we think a buying opportunity should present itself before or during the first few months of 2017, once we get through the worst of the recent price action."
"In essence, we think that the market should begin to price in the number of unknowns that still exist around policy changes and alterations in global risk appetite," they added. Gold's appeal is boosted in times of geopolitical uncertainty.
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance