The gold market remains stable as the Federal Reserve increases interest rates by 25 basis points, bringing the Fed Funds rate to a range of 5.25% to 5.50%. This is the highest interest rate in 22 years. However, analysts note that the latest monetary policy statement essentially remains unchanged from the previous meeting, with a continued focus on reducing inflation to the target of 2%.
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Gold prices rebounded to the significant level of $1,950 today after a sharp decline yesterday. The US Department of Commerce reported a core personal consumption expenditure (PCE) price index increase of 0.2% last month, following a 0.3% rise in May. This inflation growth aligns with economists' expectations.
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Former US President Donald Trump said today, Friday, that he will not end his 2024 presidential campaign even if he is proven guilty and sentenced on several charges against him.
Trump's comments come a day after federal prosecutors expanded the scope of the investigation into the case against him regarding his handling of classified documents after leaving office.
Trump's comments come a day after federal prosecutors expanded the scope of the investigation into the case against him regarding his handling of classified documents after leaving office.
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According to CME Group's FedWatch tool, most investors believe that the Fed last increased interest rates in July. Interbank borrowing costs in the US have risen by an additional 25 basis points, ranging from 5.25% to 5.5%. When interest rates stop rising, the USD will become less attractive to foreign investors seeking high returns, meaning that this currency may weaken compared to its counterparts.
🔴 SL: 1995
🟢 TP1: 1977
🟢 TP2: 1972