Gold futures rise awaiting the opening of the American session
At the Comex division of the New York Mercantile Exchange, gold futures for April were trading at $2,210.
Gold futures rose during Thursday’s European session.
“Gold futures rose during Thursday’s European session.
At the Comex division of the New York Mercantile Exchange, gold futures for April were trading at $2,210.30 per troy ounce. As of this report, they were up 2.3%.
They reached an early session high of $2,224.80 per troy ounce. Gold is likely to find support at $2,149.20 and resistance at $2,214.05.
The Dollar Index Futures, which tracks the dollar’s trend against the group of the other six major currencies, rose by 0.15% to trade at $103.21.
On the other hand, at Comex, silver for May delivery fell by 2.14% to trade at $25.64 per troy ounce, while copper for May delivery dropped by 0.58% to trade at $4.07 per pound.
Yesterdat, the U.S. central bank has kept rates unchanged at 5.25%-5.50% and has maintained the pace of its balance sheet reduction since May 2023.
In its statement, Federal Reserve officials have emphasized the strength of the U.S. economy and the robustness of the labor market. They have acknowledged progress on inflation but also underscored that the work is not yet finished. They stated that the risks to achieving their dual mandate (jobs & price stability) are becoming better balanced and that they will continue to base their decisions on data.
Following two months of surprisingly high inflation reports, the Federal Reserve adjusted its monetary policy expectations for 2025, although the median for 2024 remained at 4.6% as in December.
Following the data release, gold reached a daily high of $2,175.11.
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