Gold prices rose on Thursday on track for the third straight profit, almost hitting nine-week highs and approaching $2000.
Dollar lost ground following the Federal Reserve’s policy meeting and Fed Chair Jerome Powell’s bearish remarks, in turn boosting gold prices.
Gold Today
Gold prices rose 0.5% to $1,982 an ounce, with a session-low at $1,971, after rising 00.4% yesterday, the second profit in a row, approaching a nine-week high at $1,987.
The Fed
As the Fed raised interest rates by 25 basis points to between 5.25% and 5.5%, the highest in 22 years.
The Fed is this resuming the path of policy tightening after a pause in June, becoming the 11th interest rate hike since March 2022.
The Fed said the latest interest rate hike is aimed at controlling consumer prices which continue to be far from the 2% target.
