Gold prices holding near session highs as Federal Reserve raises interest rates by 25 basis points; provide little forward guidance
As widely expected, the Federal Reserve raised interest rates by 25 basis points, moving the Fed Funds rate to a range between 5.25% and 5.50%. U.S. interest rates are now at a 22-year high. However, analysts note that the latest monetary policy statement was essentially unchanged from last month's meeting as it continues to focus on bringing inflation down to its 2% target.
The gold market is not seeing much reaction to the Federal Reserve's decision as it holds near session highs. August gold futures last traded at $1,971.80 an ounce, up 0.40% on the day. "The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks," the statement said.
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