{"id":4289,"date":"2023-05-04T19:13:32","date_gmt":"2023-05-04T23:13:32","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-settles-higher-then-moves-lower-after-fed-rate-hike-decision\/"},"modified":"2023-05-04T19:13:32","modified_gmt":"2023-05-04T23:13:32","slug":"gold-settles-higher-then-moves-lower-after-fed-rate-hike-decision","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4289","title":{"rendered":"Gold settles higher, then moves lower after Fed rate-hike decision"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002003551\" role=\"document\">\n<p>Gold futures finished Wednesday with a second straight gain, as economic uncertainty and banking sector worries lifted haven demand for the precious metal.<\/p>\n<p>Gold prices then slipped in electronic trading in the minutes after the Federal Reserve\u2019s latest decision to raise interest rates. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for June delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.08%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"positive\">+0.08%<\/bg-quote><br \/>\n       tacked on $13.70, or 0.7%, to settle at $2,037 per ounce on Comex. The Fed decision came after the day\u2019s settlement, paring some  of the day\u2019s gains to bring prices to $2,034.60 shortly after the announcement.<\/p>\n<\/li>\n<li>\n      Silver futures for July\u00a0<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.49%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"positive\">+0.49%<\/bg-quote><br \/>\n       climbed by 6 cents, or 0.2%, to end the session at $25.68 per ounce. <\/p>\n<\/li>\n<li>\n      Platinum futures for July<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"positive\">+0.37%<\/bg-quote><br \/>\n      \u00a0fell $16.50, or 1.5%, at $1,061.80 per ounce,  while palladium futures for June lost $4.20, or 0.8%, to $1,416.80 per ounce <\/p>\n<\/li>\n<li>\n      Copper futures for July delivery<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.03%<\/bg-quote><br \/>\n       declined by 2 cents, or nearly 0.5%, at $3.85 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold and silver futures finished higher Wednesday with the trading session focused on the Fed\u2019s announcement, which came after the Comex settlement. <\/p>\n<p>A half-hour after the Comex gold settlement, the Fed announced an increase of a quarter percentage point in its key interest rate to a range of 5% to 5.25%. The U.S. central bank also reworked the language in its statement to scrap prior language that \u201csome\u201d additional hikes \u201cmay\u201d be needed.<\/p>\n<p><strong>Read:<\/strong> Fed\u2019s 10th hike has pushed interest rates to their highest level since 2007. Will there be a pause now?<\/p>\n<p>The language accompanying the increase \u201cseems to indicate the Fed was more-likely-than-not to pause increases and gauge the cumulative effect of past hikes, including their effect on the banking system,\u201d Jeff Klearman, portfolio manager at GraniteShares, which runs the GraniteShares Gold Trust<br \/>\n        BAR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208448147\/composite\" class=\"positive\">+0.74%<\/bg-quote><span>,<\/span><br \/>\n       told MarketWatch.<\/p>\n<p>Gold futures in electronic trading have slipped below the Comex settlement prices but have held on to a gain for the session as \u201clonger-term Treasury rates fall and the U.S. dollar weakens,\u201d said Klearman. \u201cIt seems likely gold prices will continue to be supported going forward as well.\u201d\u00a0<\/p>\n<p>Ahead of the Fed decision, Adam Koos, president at Libertas Wealth Management Group, said that whether this is the final Fed rate hike or not, gold prices soared on Tuesday because \u201creality is setting in.\u201d<\/p>\n<p>\u201cThis past Friday was THE breakout gold investors have been waiting for, as gold closed at a monthly all-time-high,\u201d he told MarketWatch.\u00a0\u201cIf prices can hold above the April close, the yellow metal has huge potential.\u201d<\/p>\n<p>The second biggest bank collapse in U.S. history is just adding fuel to the fire, said Koos. \u201cMany are still expecting a recession later this year,\u201d and \u201csprinkle in the fact that the U.S. dollar has continued to exhibit weakness \u2014 or at least the absence of the strength previously witnessed \u2014 and what we\u2019re getting is a perfect recipe for much higher prices from here.\u201d<\/p>\n<p>In Wednesday dealings, 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\">+0.10%<\/bg-quote><br \/>\n       was down 0.7% at 101.28.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-little-changed-as-traders-await-fed-rate-hike-decision-7e53c42e?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures finished Wednesday with a second straight gain, as economic uncertainty and banking sector worries lifted haven demand for the precious metal. Gold prices then slipped in electronic trading in the minutes after the Federal Reserve\u2019s latest decision to raise interest rates. Price action Gold for June delivery GC00, +0.08% GCM23, +0.08% tacked on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-4289","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 settles higher, then moves lower after Fed rate-hike decision | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures finished Wednesday with a second straight gain, as economic uncertainty and banking sector worries lifted haven demand for the precious\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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