The Fed's comments sent the gold down

The Fed's comments, which directed investors to another interest rate hike by the end of this year, have seriously damaged the price of gold. Gold registered on Thursday its lowest closing since May 25.
The dollar appreciated against the rest of the major currencies, and with that, the price of gold diminished.
The noble metal lost at one point on Thursday over 1.5% of its value and traded at levels of $1,260 per ounce. Earlier on Friday, the metal continued its decline and traded at $1,252 per ounce.
Traditionally, metals are declining when the Fed resorts to a rise in interest rates. It was precisely such an action that took place on Wednesday, raising the short-term interest rates by 25 basis points to 1.25% on an annual basis.
According to some analysts, the Fed may raise interest rates at least twice more by the end of the year.