JABAR EKSPRES – Gold futures advanced in late Thursday (6/15) morning trading, snapping three consecutive days of losses as U.S. inflation pressures eased as investors awaited more cues from the conclusion of the Federal Reserve meeting.
The most active gold contract for August delivery on the Comex division of the New York Exchange, lifted 10.30 US dollars or 0.53 percent to close at 1,968.90 US dollars per ounce, after touching a session high of 1,973.90 US dollars and a low of 1,952.50 US dollars.
Gold futures slipped 11.10 US dollars or 0.56 percent to 1,958.60 US dollars on Tuesday (6/13/2023), after slipping 7.50 US dollars or 0.38 percent to 1,969.70 US dollars on Monday (6/12/2023), and falling 1.40 US dollars or 0.07 percent to 1,977.20 US dollars on Friday (6/9/2023).
The U.S. Labor Department reported Wednesday that the U.S. producer price index fell 0.3 percent in May after edging up 0.2 percent in April, another sign that inflationary pressures continue to ease in the face of repeated interest rate hikes by the Federal Reserve. IHP rose 1.1 percent in May from a year ago, the smallest year-on-year gain since December 2020.
Shortly after the gold trading floor closed, the Federal Reserve’s Federal Open Market Committee (FOMC) meeting decided to keep key US interest rates unchanged in June at 5.00-5.25 percent, but raised the Fed funds rate target to 5.6 percent from 5.1 percent, which implies two more 25 basis point rate hikes this year.
Gold fell in electronic trading after the Federal Reserve announcement.
Another precious metal, silver for July delivery rose 28.30 cents or 1.19 percent, to close at 24.105 US dollars per ounce. Platinum for July delivery trimmed 1.90 US dollars or 0.19 percent, to settle at 980 US dollars per ounce.
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