Gold Prices Skyrocket 15 Points Before Fed Meeting
Gold prices skyrocket on Tuesday hours before the Fed meeting where officials will discuss the next interest rate hike. The UAX/USD spot GOLD price jumped from a low of $1,977 to a high of $1992 after the opening bell. The 15-point jump in a day has attracted a large inflow of funds into GOLD from global institutional investors. Also Read: Gold Price Prediction Nov 2023: Will It Rise to $2,100 or Dip $1,900? Source: Investing.com The sharp rise comes after the US dollar remains weak and lower treasury yields due to more rate hikes. The Federal Reserve minutes are due later in the day and both the stock and commodity markets are reacting strongly. The price of GOLD is on a rally recently and jumped nearly 18% this month. Institutional investors are exiting the US treasury bonds and entering the GOLD markets for a safe haven. Gold is considered the safest investment and a hedge against inflation when the global market is in a downturn. Also Read: Gold To Become Expensive ...