Gold futures have been on an impressive winning streak for the past five days, a feat not witnessed since January, according to Dow Jones Market data. This remarkable ascent persisted even after the recent Federal Reserve announcement, further solidifying the market’s resilience.
In its latest update, the Federal Reserve opted to keep its benchmark fed funds rate within the expected range of 5.25% to 5.50%. It did, however, hint at the possibility of an interest rate hike later in the year. Despite these prospects, the price of gold remained unshaken, forging ahead on its upward trajectory.
Following the Federal Reserve’s announcement, electronic trading saw December gold GCZ23 priced at $1,963.80 per ounce, a minor dip from its settlement at $1,967.10 an ounce. Nevertheless, this still represented an increase of $13.40 or 0.7%.
Remarkably, gold prices managed to hold onto most of their gains despite the looming specter of a potential interest rate hike. This consistent upward trend in gold futures could have a significant impact on future investment decisions in the commodities market, signaling a potentially promising outlook.