Gold futures settle near three week low on Thursday
Gold futures settled sharply lower on Thursday, marking lowest rate in three weeks, after Federal Reserve affirmed to raise benchmark interest rates by March to tackle inflationary pressure. Further, upbeat US economic growth data for the fourth quarter also dulled safe-haven bullion investments. The yellow metal for the most active contract settled below key benchmark $1800 for the first time in three weeks.

Gold futures for February dropped  2% or $36.60 to $1793.10 an ounce on the Comex division of the New York Mercantile. Spot gold fell 1.3% at $1,794.30 per ounce.