2023-09-22 21:40:21
Gold closes: Weighing the impact of the Fed’s decision and Powell’s comments, gold closed slightly lower but still recorded a weekly decline
Financial World 2023-09-23 05:40:21
According to news from the financial world on September 23, as investors continue to weigh the impact of the Federal Reserve’s monetary policy and Powell’s remarks, gold futures recovered some of their losses on Thursday and rose slightly, but they still recorded losses this week, ending this roller coaster week with a more moderate tone.
December gold futures on the New York Mercantile Exchange rose $6, or 0.3%, to close at $1,946.20 an ounce, falling slightly this week. December silver prices rose 16 cents to close at $23.84 an ounce, an increase of 0.7%, and a cumulative gain of 2% this week.
October platinum rose $9.50, or 1%, to $934.10 an ounce, up 0.5% this week; December palladium fell $13.40, or 1.1%, to $1,256 an ounce, or 0.3%. December copper futures were flat at $3.696 a pound on the day, but fell 2.8% this week.
Gold prices ended the week little changed despite Wednesday’s Federal Reserve policy meeting showing that the central bank is expected to keep policy rates above 5% for longer than the market had previously expected.
Although prices stabilized on Friday, analysts doubted there would be more volatility ahead.
“As a non-yielding asset, rising interest rates are generally negative for gold prices because they increase the opportunity cost of holding gold,” Kinesis Money market analyst Mike Ingram said in emailed comments.
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