Gold rises by $1.4 – Fed votes for rate hike as expected

In the run-up to the monetary policy meeting of the U.S. Federal Reserve and its interest rate decision, trading in gold futures was once again sluggish. This changed little for the time being even after the interest rate announcement.

  • Gold contract market up $1.4 or 0.08% to close at $1,719.1 per ounce.
  • Silver futures were up 6.5 cents, or 0.35%, at $18.6 an ounce.
  • The platinum contract was up $12.8, or 1.48%, at $877.2 an ounce.
  • The palladium contract was down $6.80, or 0.3%, at $2,004.40 an ounce.

After the New York gold market closed, the Fed Monetary Policy Committee (FOMC) voted unanimously, 12-0, to raise the short-term interest rate by 0.75% to 2.25-2.50%.

As for the U.S. economic data released Wednesday, it was choppy. The National Association of Realtors (NAR) reported that its pending home sales index fell 8.6% to 91.0 in June, the lowest level since April 2020.

According to the U.S. Commerce Department, orders for U.S. durable goods such as aircraft, automobiles and heavy machinery that last at least three years rose 1.9% in June after increasing 0.7% in May.

The Spot Market is Open

Thursday, July 28, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.30
1,736.10
1,737.10
+1.30
+0.07%
1,734.40
1,742.80
Silver
11.30
19.23
19.33
+0.14
+0.76%
19.06
19.37
Platinum
11.30
889.00
899.00
+2.00
+0.23%
887.00
901.00
Palladium
10.00
1,973.00
2,123.00
+13.00
+0.66%
1,951.00
2,124.00
Rhodium
05.00
13,300.00
15,300.00
0.00
0.00%
13,300.00
15,300.00

Leave a Reply

Change Language
%d bloggers like this: