The most active gold contract for December delivery rose 4.6 U.S. dollars, or 0.28 percent, to close at 1,675.7 dollars per ounce.
Shortly after the floor trading of gold closed, the FOMC meeting concluded and the Federal Reserve announced a three-quarter-point benchmark rate hike, in line with market expectations. This is the third time for the Federal Reserve to raise interest rates by 75 basis points this year.
The interest rate hike boosted up U.S. dollar index and U.S. Treasury yields, and gold dropped in electronic trading following the announcement.
Due to its all-out effort to fight inflation, the Federal Reserve predicts a big slowdown in economy in 2023 and rising unemployment.
The National Association of Realtors reported Wednesday that U.S. existing-home sales fell 0.4 percent to a seasonally adjusted annual rate of 4.8 million in August, the lowest level of existing home sales since May 2020 during the pandemic downturn, but better than 4.68 million sales expected by economists.
Silver for December delivery rose 29.7 cents, or 1.55 percent, to close at 19.48 dollars per ounce. Platinum for October delivery fell 6.8 dollars, or 0.74 percent, to close at 916 dollars per ounce.
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