Gold is getting slammed

Stock futures and global markets were rallying on the first day after the Fed raised rates.

Near 8:55 a.m. ET, Dow futures were up 49 points, S&P 500 futures were up 4 points, and Nasdaq futures were up 20 points - all by less than 0.5%. And on Thursday morning, US stocks looked set to open higher for a third straight day.

Every major global stock index was green, with Germany's Dax and the Euro Stoxx 50 surging by about 3%.

The Fed on Wednesday raised its benchmark rate for the first time in nine years, and emphasized that the pace of future rate hikes would be gradual.

And after carefully telegraphing its intention to hike rates, markets are not as spooked as some analysts thought they would be, and the trading action since yesterday afternoon is probably the ideal scenario the Fed wanted.

Gold, however, had given back all of the gains made in trading on Wednesday, and was down nearly 2% to around $1,057 an ounce.

Investing.com

Gold prices since Wednesday.