Gold futures climbed Thursday, a day after Federal Reserve Chair Jerome Powell said the central bank was not planning to hike its benchmark interest rate by 75 basis points at its next meeting.
June gold futures
GC00,
GCM22,
rose $33.50, or 1.8%, to $1,902.30 per ounce. Silver futures SI00
SIN22,
also rose, gaining 3% to just under $23 per ounce.
Powell told reporters after the Fed lifted rates by a 50 basis points and also started its quantitative tightening plan that a 75 basis point increase is not something the Fed is actively considering. “There’s a broad sense on the committee that additional 50 basis point increases should be on the table for the couple of meetings,” he said.
Powell’s comments led to Treasury yields and the dollar falling late Wednesday, though both were pushing back to the upside on Thursday.
“With support now established at $1,850, a break above $1,920 is now needed to reignite further interest in the yellow metal,” said Ole Hansen, head of commodity strategy at Saxo Bank.
In other metals trade, July copper
HGN22,
edged up 0.1% to $4.341 a pound.
July platinum
PLN22,
rose 0.1% to $980.10 an ounce, while June palladium
PAM22,
was up 0.6% at $2,250 an ounce.
