In an impressive streak not witnessed since January, gold futures have managed to secure gains for five consecutive days, according to data from Dow Jones Market. This remarkable upward trajectory persisted even after the Federal Reserve’s latest announcement, reaffirming the market’s robust performance.
The Federal Reserve, in its recent announcement, opted to keep its benchmark fed funds rate within the anticipated range of 5.25% to 5.50%. Furthermore, it hinted at the likelihood of an interest rate increase later in the year. Despite these forward-looking projections, gold prices remained unwavering and continued their ascent.
In electronic trading, which followed the Federal Reserve’s announcement, December gold futures (GCZ23) were valued at $1,963.80 per ounce. This followed an earlier settlement at $1,967.10 per ounce, representing a noteworthy increase of $13.40 or 0.7%.
The resilience displayed by gold prices, despite the looming prospect of an interest rate hike, is a significant development. This consistent upward trend in gold futures may potentially influence future investment decisions within the commodities market.
