Gold prices move following Fed interest rate decision
While the Fed kept the policy rate steady in the 5.25-5.50 percent range in line with expectations, gold prices saw a rapid rise following the decision.
In the projections for the coming year released after the decision, it was observed that Fed officials expect a 75 basis point interest rate cut in 2024.
The ounce price of gold rose from 1,980 dollars to 2,014 dollars within 1 hour. The dollar/TL exchange rate retreated from 29.05 to 28.99.
With the Fed providing a clearer signal toward easing compared to previous meetings and Fed Chair Jerome Powell reinforcing this expectation of a dovish stance with his statements, there was an initial drop of approximately 15 basis points in US 10-year Treasury bond yields.
INCREASE IN OUNCE PRICE OF GOLD
As bond yields fell, the ounce price of gold rose from 1,980 dollars to 2,014 dollars within 1 hour.
Domestically, the gram gold price in the spot market rose from 1,850 liras to 1,879 liras.
DECLINE IN THE DOLLAR
Following the Fed decision, the dollar index, which shows the performance of the dollar against major currencies, saw a 0.9 percent decline. The dollar/TL exchange rate retreated from 29.05 to 28.99 in a low-volume market.
News Source: 12punto
Most Read
Striking picture for Özgür Özel's 'New Party'
The PKK opening and Özgür Özel’s path!..
How did the newspapers view Özgür Özel's farewell to the CHP?
He killed his wife by slitting her throat: Their children witnessed the moments
What did the CHP do?
Özel’s new party move in the world press
The New CHP, against CEHAPE
Fire at TUSAŞ engine factory in Eskişehir under control
From self-efficacy to despair
Kılıçdaroğlu's first message on Özgür Özel's new party announcement