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Gold rises ahead of FOMC meeting results

Tan KW
Publish date: Thu, 23 Mar 2023, 08:19 AM
Tan KW
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CHICAGO, March 22 -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday ahead of the interest rate decision of the U.S. Federal Open Market Committee (FOMC) meeting.

The most active gold contract for April delivery rose 8.50 U.S. dollars, or 0.44 percent, to close at 1,949.60 dollars per ounce.

Shortly after gold's floor trading closed, the FOMC meeting ended, and the Federal Reserve announced to raise benchmark rates by a quarter of a percentage point to a range of 4.75-5.00 percent, signaling one more rate hike this year.

The Federal Reserve said in a statement that "some additional policy firming may be appropriate" to bring inflation back to the 2-percent target. But it didn't project any rate cuts this year.

Gold futures moved up in electronic trading after the rate hike decision by the Federal Reserve.

Fed policy makers will meet again in early May.

Silver for May delivery rose 36.10 cents, or 1.61 percent, to close at 22.786 dollars per ounce. Platinum for April delivery rose 10.30 dollars, or 1.05 percent, to close at 987 dollars per ounce.


  - Xinhua


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