Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.
Gold futures settled with a loss on Wednesday, then moved a bit higher in the electronic trading shortly after the Federal Reserve announcement. The central bank agreed to leave its benchmark fed funds rate unchanged at 5.25% to 5.50%, while also keeping the option open for a further interest-rate hike.
The Federal Open Market Committee decision, “albeit not raising rates, is a bit hawkish as they raised economic growth numbers,” Peter Spina, president of GoldSeek.com, told MarketWatch. “Strong labor and inflation data is going to support the higher-for-longer; mantra the Fed is communicating,” he said. “Although this would be seen as negative for gold, the FOMC also mentioned tighter financial conditions as a risk.” December gold GCZ23, -0.31% was at $1,988.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed buzz: words to watch for as the Fed sets ratesFed buzz: words to watch for as the Fed sets rates
Read more »
Gold Price Forecast: XAU/USD reclaims $2,000 ahead of Fed rate callThe XAU/USD is seeing some hesitation after pinning into the $2,000 major level as investors turn broadly risk-off ahead of the Federal Reserve's (Fed) upcoming interest rate call slated for tomorrow.
Read more »
Gold Price Forecast: XAU/USD loses momentum below $2,000, focus on Fed rate decisionGold price (XAU/USD) loses traction during the early Asian trading hours on Wednesday.
Read more »
Gold Price Forecast: XAU/USD down but not out, awaits US jobs data and FedGold price Is on its corrective decline for the third consecutive early on Wednesday, having failed once again to resist above the $2,000 mark.
Read more »
Gold losses deepen before Fed rate decision, copper hit by China woesGold losses deepen before Fed rate decision, copper hit by China woes
Read more »
Gold prices dip below $2,000 as Fed jitters grow, M.East fears declineGold prices dip below $2,000 as Fed jitters grow, M.East fears decline
Read more »