Gold price drops to $4,035/oz as Fed votes 10-2 in favor of rate hold

(Kitco News) – The Federal Reserve announced on Wednesday that the Federal Open Market Committee (FOMC) voted 10-2 in favor of a maintaining the policy rate unchanged, as expected by the market consensus.“The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate,” the Federal Reserve said in their statement. “The Committee is continuing its policy of maintaining ample reserves in the banking system.”