{"id":41406,"date":"2023-07-28T00:38:00","date_gmt":"2023-07-28T04:38:00","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-settle-higher-extend-gains-after-fed-decision-to-raise-rates\/"},"modified":"2023-07-28T00:38:02","modified_gmt":"2023-07-28T04:38:02","slug":"gold-prices-settle-higher-extend-gains-after-fed-decision-to-raise-rates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41406","title":{"rendered":"Gold prices settle higher, extend gains after Fed decision to raise rates"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002324165\" role=\"document\">\n<p>Gold climbed on Wednesday to turn higher for the week, as Treasury yields slipped along with the dollar, then extended those gains into the electronic trading session as investors weighed the Federal Reserve\u2019s decision to lift interest rates, as expected. <\/p>\n<p>The U.S. central bank also said it remained \u201chighly attentive\u201d to inflation risks, leaving the door open to further rate hikes. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.29%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.29%<\/bg-quote><br \/>\n       gained $6.40, or 0.3%, to settle at $1,970.10 per ounce on Comex, ahead of the Fed announcement.<\/p>\n<\/li>\n<li>\n      Silver futures for September delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.11%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"negative\">-0.11%<\/bg-quote><br \/>\n       gained 15 cents, or 0.6%, to $24.97 per ounce. <\/p>\n<\/li>\n<li>\n      October platinum<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.31%<\/bg-quote><br \/>\n       declined by $4.60, or 0.5%, to $972 per ounce, while palladium for September delivery<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.40%<\/bg-quote><br \/>\n       fell by $25.30, or 2%, to $1,255.90 per ounce. <\/p>\n<\/li>\n<li>\n      September copper<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"negative\">-0.04%<\/bg-quote><br \/>\n       fell by a penny, or 0.3%, to $3.90 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices finished higher Wednesday, finding support from weakness in the dollar and Treasury yields, then moved up a bit more shortly after the Fed\u2019s policy announcement.<\/p>\n<p>The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter of one percentage point to a range of 5.25%-5.5%, the highest rate in 22 years.<\/p>\n<p>In electronic trading shortly after the decision, August gold was at $1,971.20, up modestly from gold\u2019s settlement price.<\/p>\n<p>Rate hikes \u201ctend to suppress gold prices in the near term,\u201d as higher rates support the U.S. dollar, said Jerry Braakman, president and chief investment officer of First American Trust. <\/p>\n<p>After the Fed decision, however, the ICE U.S. Dollar index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.04%<\/bg-quote><br \/>\n       was down 0.2% at 101.19, while the yield on the 10-year Treasury<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">4.023%<\/bg-quote><br \/>\n       was at 3.8895%, down from 3.911% on Tuesday.<\/p>\n<p>Higher rates \u201cultimately will increase the risk of recession by slowing economic activity in the U.S.,\u201d said Braakman. In the medium term, \u201cwe\u2019ll see a high probability of the economy either entering recession or being stuck in stagflation.\u201d <\/p>\n<p>Gold \u201cdoes well in both scenarios,\u201d he said.<\/p>\n<p>The Fed decision, which was released about a half hour after the settlement for Comex gold, was the first of a series of policy announcements from major global central banks, including the European Central Bank and Bank of Japan, due out this week. <\/p>\n<p>With \u201clittle new clarity\u201d on the path or pattern of future Fed rate hikes, the market will focus on the Fed press conference for details on path of rates or whether the Fed is in a holding pattern, said Rob Haworth, senior investment strategist at U.S. Bank Asset Management. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-higher-as-traders-wait-to-hear-from-feds-powell-3499e25f?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold climbed on Wednesday to turn higher for the week, as Treasury yields slipped along with the dollar, then extended those gains into the electronic trading session as investors weighed the Federal Reserve\u2019s decision to lift interest rates, as expected. The U.S. central bank also said it remained \u201chighly attentive\u201d to inflation risks, leaving the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-41406","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices settle higher, extend gains after Fed decision to raise rates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold climbed on Wednesday to turn higher for the week, as Treasury yields slipped along with the dollar, then extended those gains into the electronic\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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