Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Trump dishes on Milley clash over leaving military...
TikToker knocks Harris’ ‘weird’ take on never released...
‘Who wouldn’t want it?’: Netanyahu open to receiving...
Supreme Court lets Trump’s ‘wrecking ball’ federal job...
Biden’s strange use of teleprompter in donor’s home...
Tariff case pits Cato Institute against Trump over...
GREGG JARRETT: CIA report makes it clear Trump...
State Department investigating Rubio AI impersonator who contacted...
DOJ lands legal victory as federal judge allows...
Senate Republican moves to give US an edge...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

Gold and Silver Prices Gain as Fed Holds Rates Steady

by admin August 1, 2024
August 1, 2024
Gold and Silver Prices Gain as Fed Holds Rates Steady

The US Federal Reserve announced on Wednesday (July 31) that it will continue to hold its benchmark interest rate steady at 5.25 to 5.5 percent following the two day Federal Open Market Committee meeting.

The central bank has now maintained its policy for one year since its last rate increase in July 2023.

The meeting comes just days after the US Bureau of Labor statistics released the latest personal consumption expenditures (PCE) price index data, which indicates that inflation continued to cool in June.

The data shows a year-on-year increase of 2.5 percent in June, down from the 2.6 percent reported in May.

PCE is a favored measure of the Fed as it works to bring inflation back down to its target rate of 2 percent.

In its decision, the committee said it is seeking greater confidence that inflation is moving sustainably toward its goal, and will continue to assess “incoming data as it is available, the evolving outlook and the balance of risks.”

It reiterated that the economic outlook remains uncertain, and said it will continue to monitor economic indicators and labor market conditions. Analysts widely expected the central bank to leave rates unchanged at this meeting, with economists predicting that the first cut will come during its next meeting in September.

“We expect rate cuts in the second half of this year to support business-to-business demand, with manufacturing and industrial activity benefiting in 2025 and 2026,’ said ITR Economics economist Lauren Saidel-Baker.

Markets rallied ahead of the Fed’s release, with the Nasdaq-100 (INDEXNASDAQ:NDX) and S&P 500 (INDEXSP:.INX) leading with 3.25 percent and 1.7 percent gains after a strong earnings report from AMD (NASDAQ:AMD) pushed chipmakers and the tech sector higher. The Dow Jones Industrial Average (INDEXDJX:.DJI) was up just under 1 percent.

Prices for gold and silver were also up in morning trading, fueled by increasing tensions in the Middle East following Israeli assassinations of Hezbollah and Hamas leadership in Lebanon and Iran, respectively; both precious metals spiked further once the Fed meeting was complete.

As of 3:40 p.m. EDT on Wednesday, gold had climbed 1.28 percent from the market’s open to move above US$2,450 per ounce, and silver had climbed 1.26 percent in the same period to hit US$29 per ounce.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Investing in Graphene Companies (Updated 2024)
next post
Morning Glory: Defining competence down

You may also like

Freegold Achieves Over 93% Recovery Using Albion Process...

February 20, 2025

Robinhood Shares Hit Record High on EU Launch...

July 3, 2025

Forte Minerals to Acquire the Miscanthus Epithermal Gold...

October 23, 2024

What is the Gold Spot Price? (Updated 2024)

September 11, 2024

Ghana Expels Foreigners from Local Gold Market in...

April 17, 2025

Atlantic Lithium Limited (ASX: A11) – Trading Halt

October 25, 2024

MAC President Calls for Renewed Investment, Streamlined Approvals...

September 24, 2024

Ontario’s Mining Act Facing Constitutional Challenge from 6...

August 16, 2024

Dynasty Gold: Gold-focused Exploration with High-grade Gold Assets...

September 7, 2024

Craig Hemke: Gold’s Fascinating Run, Silver and Mining...

October 8, 2024

Recent Posts

  • Trump dishes on Milley clash over leaving military equipment in Afghanistan: ‘I knew he was an idiot’
  • TikToker knocks Harris’ ‘weird’ take on never released interview: ‘Not good’
  • ‘Who wouldn’t want it?’: Netanyahu open to receiving stealth bombers, bunker-busters from US
  • Supreme Court lets Trump’s ‘wrecking ball’ federal job cuts proceed while legal fight continues
  • Biden’s strange use of teleprompter in donor’s home infuriated supporters, dashed expectations

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (818)
    • Investing (2,487)
    • Politics (3,085)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.