Gold prices continued to climb on Wednesday as the dollar weakened further after the Federal Reserve release its dovish monetary policy.
The Fed kept interest rates unchanged as expected, but it also now indicated interest rates are likely to remain unchanged for the remainder of 2019.
Earlier projections had indicated as many as two rate hikes before the end of the year, but the downward rate revision points to an expected slowdown in economic growth in the first quarter of this year while inflation remains comfortable.
Gold futures for April settled up $6.84 or 0.52 percent at $1,314.30 an ounce. On Tuesday, gold futures for April added $5.00 or 0.4 percent at $1,306.50 an ounce.
Silver was up 12 cents or 0.78 percent to $15.52 and platinum climbed $12.50 or 1.47 percent to $868.00.
The material has been provided by InstaForex Company – www.instaforex.com
Latest posts by Insta Forex (see all)
- Treasuries Move Sharply Higher Following Trump's Tweets About China - August 23, 2019
- Oil Settles Sharply Lower As Trade Jitters Spark Demand Concerns - August 23, 2019
- Gold Futures Settle At Over 6-year High As Trade Tensions Escalate - August 23, 2019