{"id":21452,"date":"2023-09-22T20:54:00","date_gmt":"2023-09-22T20:54:00","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/gold-ends-higher-for-a-fifth-session-holds-bulk-of-gains-after-fed-decision\/"},"modified":"2023-09-22T20:54:01","modified_gmt":"2023-09-22T20:54:01","slug":"gold-ends-higher-for-a-fifth-session-holds-bulk-of-gains-after-fed-decision","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=21452","title":{"rendered":"Gold ends higher for a fifth session, holds bulk of gains after Fed decision"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002524607\" role=\"document\">\n<p>Gold prices ended higher on Wednesday after rising for four straight sessions, then held the bulk of their gains after the Federal Reserve left its benchmark fed-funds rate unchanged, as expected.    <\/p>\n<p>Later this week, decisions are also expected from the Bank of Japan and Bank of England. <\/p>\n<div class=\"paywall\">\n<h2>Market drivers<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for December delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.27%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"positive\">+0.27%<\/bg-quote><br \/>\n       climbed by $13.40, or 0.7%, to settle at $1,967.10 per ounce on Comex. Prices settled higher for fifth session in a row, the longest daily streak of gains since January, according to Dow Jones Market Data. The most-active contract also notched another settlement at their highest since Sept. 1. It traded at $1,967.10 shortly after the Fed announcement.<\/p>\n<\/li>\n<li>\n      December silver<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.60%<\/bg-quote><\/p>\n<p>        SIZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210319449\/delayed\" class=\"positive\">+0.60%<\/bg-quote><br \/>\n       gained 38 cents, or 1.6%, to $23.84 per ounce.<\/p>\n<\/li>\n<li>\n       October platinum<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.94%<\/bg-quote><br \/>\n       fell by $6.10, or 0.6%, to $942.30 per ounce, while December palladium<br \/>\n        PAZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/239302145\/delayed\" class=\"negative\">-0.83%<\/bg-quote><br \/>\n       added $14.80, or 1.2%, to $1,281.30 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for December<br \/>\n        HGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210059556\/delayed\" class=\"negative\">-0.07%<\/bg-quote><br \/>\n       gained 3 cents, or 0.8%, to $3.78 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cGold prices have been, at the very least, resilient, reflecting not only growing expectations of less aggressive Fed monetary policy but also of increased expectations of a \u2018soft landing\u2019,\u201d said Jeff Klearman, portfolio manager at GraniteShares which runs the GraniteShares Gold Trust<br \/>\n        BAR<span>.<\/span>\n      <\/p>\n<p>\u201cA resilient economy with slowing inflation has tilted market sentiment that the Fed funds target rate has a decent chance of remaining unchanged in the near term,\u201d he told MarketWatch. \u201cAll of this is supportive of gold prices going forward.\u201d<\/p>\n<p>Gold futures are trading higher for the week and for the year so far, they but have fallen for the month and quarter to date.<\/p>\n<p>The bond market, meanwhile, has \u201cclearly bought the Fed\u2019s threat of \u2018higher for longer,\u2019 with all short- and mid-dated U.S. Treasury yields ending Tuesday at fresh 16-year highs,\u201d Adrian Ash, director of research at BullionVault, told MarketWatch, ahead of Wednesday\u2019s Fed announcement.<\/p>\n<p>Still, \u201cgold refuses to fall, edging higher in all currencies and defying the higher rate of return offered to cash as the appeal of investment insurance grows on the risk of a Fed mistake, raising rates too far too late for the economy to bear,\u201d he said. <\/p>\n<p>Inflation concerns, however, do still exist, said GraniteShares\u2019 Klearman. That\u2019s \u201cmainly due to the recent increase in oil prices, adding to uncertainty regarding future Fed monetary policy,\u201d he said. <\/p>\n<p>Rising oil prices may be considered as a factor acting to slow economic growth and, as a result, cause the Fed to be \u201cmore tolerant of short-term increases in inflation\u2026and proceed with caution,\u201d said Klearman.\u00a0\u201cThis caution would be added to the already existing concerns of the possible harmful effects of raising rates too much. Again, supportive of gold prices going forward.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-climb-for-fifth-day-as-traders-await-fed-decision-5fdbd16d?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices ended higher on Wednesday after rising for four straight sessions, then held the bulk of their gains after the Federal Reserve left its benchmark fed-funds rate unchanged, as expected. Later this week, decisions are also expected from the Bank of Japan and Bank of England. Market drivers Gold for December delivery GC00, +0.27%<\/p>\n","protected":false},"author":1,"featured_media":18948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-21452","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold ends higher for a fifth session, holds bulk of gains after Fed decision | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Gold prices ended higher on Wednesday after rising for four straight sessions, then held the bulk of their gains after the Federal Reserve left its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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