Precious Metals Preview: COMEX Gold Crashes

6 May 2022 , 09:09 AM

COMEX Gold tanked from one week high in last session, falling nearly 2%. The US dollar surged on heavy risk aversion. The Federal Reserve on Wednesday announced its widely expected decision to raise interest rates by half a percentage point. The Fed announced that it has decided to raise the target range for the federal funds rate by 50 basis points to 0.75 to 1.0 percent and said it anticipates that ongoing increases in the target range will be appropriate. The central bank also outlined a program whereby it will eventually cut its bond holdings by $95 billion a month. However, the US Fed Chair Jerome Powell emphasized the commitment to bringing inflation down, though he said a 75 basis points hike is ?not something the committee is actively considering.? The commodity currently trades down marginally at $1875 per ounce. Powered by Commodity Insights