Gold prices at 2-month low as Fed holds rate constant

ISTANBUL

The price of gold saw below $4,900 level on Wednesday for the first time since January 21 as the Fed kept its benchmark rate constant.

The US Fed has kept its benchmark rates unchanged at 3.5-3.75% range, in line with market forecasts.

The price of gold, hovering between $4,835.8 and $5,016.45 during Wednesday, is at around $4,885 per ounce as of 1815GMT, down 2.45 day-by-day.

In January, the price of gold hit the historical high level nearing $5,600 threshold.

Price of silver per ounce also fell by 2.8% to $77.