Gold futures experienced a dramatic selloff over the past two trading days, plummeting by more than $88 per ounce, as the release of the Federal Open Market Committee meeting minutes fueled concerns about a more hawkish Federal Reserve.
Moreover, the minutes indicated that Fed members discussed the possibility of additional rate increases if inflation remained stubbornly high. However, the current consensus is to maintain the federal funds rate within the 5.25% to 5.5% range for now. The impact on financial markets was swift and severe, with precious metals bearing the brunt of the selloff. Gold futures, based on the most active June contract, opened at $2,425.40 on Wednesday and closed at $2,392.90, down $33. The selling intensified on Thursday, with gold futures opening at $2,383 and ultimately settling at $2,337.20, a decline of $57.70 for the day.
Market participants rushed to take profits from the recent rally in gold prices after the FOMC minutes revealed the Federal Reserve's uncertainty about the timing and magnitude of future rate cuts. However, it's worth noting that the FOMC meeting occurred before the release of the latest Consumer Price Index, which showed the first decline in inflationary pressures this year.
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