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The Federal Reserve announced on Wednesday that the Federal Open Market Committee (FOMC) voted 10-2 in favor of a maintaining the policy rate unchanged, as expected by the market consensus.“The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate,” the Federal Reserve said in their statement.
Gold prices continue to hold critical support above $4,000 an ounce, but one investment firm expects prices to head lower by year-end as the Federal Reserve is expected to maintain its tightening bias, while silver faces even greater downside risks as weakening industrial demand adds to the pressure from elevated interest rates.
The Bank of Canada (BoC) raised its key overnight rate to 2.50% on Wednesday, as expected, with the bank rate rising to 2.75% and the deposit rate rising to 2.45%.
Gold hovered above the key $4,000 mark as markets await a raft of central bank decisions headlined by the Federal Reserve.
Spot gold and silver prices were higher in late U.S. trading Tuesday, recovering from early-session losses as declining crude oil prices eased inflation concerns and supported renewed buying interest in precious metals ahead of Wednesday's Federal Reserve monetary policy decision.
Gold's struggle to hold support around $4,000 an ounce is testing investor confidence in the precious metal, but one major investment firm remains optimistic that prices can recover to $5,500 by early next year.
The gold-platinum ratio has one of the best historical records predicting the stock market's subsequent 12-month return
Gold's drop below $4,000 last week is starting to attract some early attention as the two-month downtrend has pushed prices toward oversold territory.
SEC filings for GLDM aren't indexed yet (common for recently launched funds). Browse the issuer's filings on SEC EDGAR directly.