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The Federal Reserve Raises Interest Rates, but Gold Holds Steady
On Wednesday, the Federal Reserve (Fed) raised interest rates by 25 basis points: Chairman Kevin Warsh clarified that the decision was made to keep inflation in check, which has been fueled by rising oil prices. Despite Warsh’s hawkish rhetoric, gold did not lose ground, maintaining key support above $4,300 per ounce. This brings to an end a three-week losing streak. Such resilience speaks volumes about investors’ expectations: the Fed may raise interest rates, but the U.S.’s fiscal problems remain intractable.
[Source: Kitco news]
Gold Closes at a Four-Week High
Friday was a winning day for gold, which is on track for its first weekly gain in four sessions. The price of the safe-haven asset is being buoyed by the correction in crude oil prices, which is easing inflationary pressures. However, the rally is being held in check by the strengthening U.S. dollar, which is at a more than seven-week high: this makes the dollar-denominated safe-haven asset more expensive for buyers using other currencies.
[Source: Market screener]
La debolezza del mercato immobiliare USA spinge l’oro vicino ai massimi di seduta Il metallo giallo continua a oscillare vicino ai massimi di seduta, stabilmente al di sopra dei 4.300 dollari l’oncia. La domanda dell’oro in qualità di bene rifugio si è rafforzata nelle ultime ore, complice un mercato immobiliare statunitense estremamente fragile. Secondo l’ultimo rapporto rilasciato dalla National Association Realtors (NAR), il numero di acquirenti di un nuovo immobile negli Stati Uniti starebbe attraversando una fase di stallo.
Gold continues to hover near session highs, holding steady above $4,300 per ounce. Demand for gold as a safe-haven asset has strengthened in recent hours, driven by an extremely fragile U.S. real estate market. According to the latest report released by the National Association of Realtors (NAR), the number of new home buyers in the United States appears to have stalled.
[Source: Kitco News]
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