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Why Are Gold Prices Up Today?


  • Gold prices are gaining today following an update from the Federal Reserve.
  • The Fed increased interest rates by another 25 basis points.
  • However, the central bank also signaled that this could be the last of its rate hikes.
Gold Prices - Why Are Gold Prices Up Today?

Source: Shutterstock

Gold prices are on the rise Thursday as the market reacts to the latest update from the Federal Reserve.

The big news investors in gold need to know about is the newest rate hike from the Fed. This saw the central bank increase interest rates by 25 basis points in an effort to battle inflation. However, the Fed also signaled that this could be the last of these increases.

The Fed intends to take an examination of the economy and several other factors into account as it considers future interest rate increases. That includes the recent banking crisis, debt ceiling arguments and more.

These problems have been causing some investors to flee from stocks to gold. In turn, that has been helping the precious metal rise in value as demand increases. The same is also true for silver.

How Much Have Gold Prices Increased?

Comex gold futures prices are coming in at $2,085.40 an ounce as of Thursday morning. It’s possible that positive movement could continue if inflation and other economic factors push more investors to gold over stocks.

Gold prices went through a rally in 2019 and 2020 that saw them peak. The commodity then gave up some of those gains in the following years. However, today’s movement has gold prices surpassing that previous high.

Gold prices are up nearly 1% as of Thursday morning.

Investors seeking out all of the latest stock market news will want to keep reading!

We have all of the hottest stock market coverage traders need to know about on Thursday! Among that is a weak price target for Palantir (NYSE:PLTR) stock, Shopify (NYSE:SHOP) layoffs news and a new Bed Bath & Beyond (OTCMKTS:BBBYQ) stock listing. You can read up on all of these matters at the links below!

More Thursday Stock Market News

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/05/why-are-gold-prices-up-today/.

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