Gold prices fell to three-month lows as market participants sought solace from the Fed's hawkish policy, as well as upbeat China data, during the bumper week.
That said, the US central bank left its benchmark interest rate unchanged at 5.0-5.25%, in line with market expectations for a pause in the multi-month hawkish cycle in 10 consecutive interest rate hikes.
However, the upbeat FOMC Economic Forecasts and Federal Reserve Chairman Jerome Powell's speech renewed the Fed's hawkish bias around the July meeting and put pressure on the latter. there.