Gold Trades Steady Near One-Week High After Fed Keeps Interest Rates Steady

Gold prices are trading steady early on Thursday after the Fed’s latest policy meeting revealed no surprises in the markets. At the time of writing, GOLD is trading at a little above $1,475.

December’s FOMC meeting saw the Fed keep interest rates steady, as markets widely expected, while the Fed projected moderate economic growth for the US economy in 2020. On Wednesday, gold gained nearly 1% after the Fed’s interest rate announcement, as the US dollar weakened to a four-month low.

Gold also remains supported over the prevailing uncertainty in global financial markets surrounding the US-China trade war. Time is running out for the next round of tariff hikes to be implemented on December 15, and there has still been no confirmation from either side towards signing the phase one trade deal.

Other factors in the market supporting gold prices today include the first ECB policy meeting with new President Christine Lagarde at the helm as well as the general elections in the UK which could make or break Brexit.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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