FRIDAY, 15/14/2023 | GOLDCeylon
GOLD price leapt against a falling US Dollar last two days, more than reclaiming the $2000 and $24 marks respectively after the US Federal Reserve surprised pundits and traders by slashing its ‘dot plot’ interest-rate forecast for 2024, upending its mantra of ‘higher for longer’ – and lighting a fire under the stock market and bond prices – even as Fed chairman Jerome Powell repeated the phrase once more.
Current updated World Gold price is $ 2030 per troy ounce.
The Dollar fell to a new 4-month low on its trade-weighted DXY index against the rest of the world’s major currencies, sinking by 1.4% from the minute before the Fed’s announcement.
Longer-term interest rates also sank, hitting the lowest since late-July on the US Treasury’s 10-year bond with a drop to 3.92% per annum, more than a quarter-point lower from the minute before Wednesday’s Fed announcement and economic forecasts.
Source : goldprice.org | Bullion Wallet
Published by www.goldceylon.lk