Gold Futures Extend Gains for Fifth Straight Session After Federal Reserve Announcement
2023.09.20 19:10
Gold futures marked a significant uptick on Wednesday, settling higher for a fifth consecutive session. This is the longest streak of daily gains since January, according to Dow Jones Market Data. The surge in prices was maintained even after the Federal Reserve’s announcement, with the metal holding onto the bulk of its gains in electronic trading.
The central bank opted to keep its benchmark fed funds rate in the 5.25% to 5.50% range, as anticipated. Furthermore, it signaled an additional interest-rate increase within this year. Following this announcement, December gold GCZ23 was traded at $1,963.80 an ounce in electronic trading.
Earlier in the day, gold had settled at $1,967.10 an ounce, a rise of $13.40, or 0.7%, reinforcing its position for Wednesday’s session. This upward trend in comes amidst global market fluctuations and changing economic landscapes.
Despite the Federal Reserve’s decision and signaling of another rate hike this year, gold futures managed to sustain their gains. This price movement underscores the dynamic relationship between monetary policy decisions and commodities like gold.
The data provided by Dow Jones Market Data further highlighted the robust performance of gold futures in recent sessions, marking a notable streak since the start of the year. As investors continue to navigate the evolving economic climate, such trends in commodities markets are likely to remain a key focus.
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