Gold prices increased as the USD fell slightly awaiting the Fed
In addition to Wednesday's Fed minutes, the focus was also on speeches from a series of Fed officials this week, including Raphael Bostic and Michelle Bowman, both members of the Fed's interest rate-setting committee. bank.
Higher US interest rates are bad for gold because they increase the opportunity cost of investing in the yellow metal. But with U.S. interest rates still expected to fall in 2024, prices for gold and other metals are likely to surge, Goldman Sachs (NYSE:GS) analysts said in a note this week.
Other precious metal prices also rose on Wednesday. Platinum futures rose 0.3% to $913.10 an ounce, while silver futures rose 0.2% to $23.192 an ounce. Both metals are also facing losses through 2024
Higher US interest rates are bad for gold because they increase the opportunity cost of investing in the yellow metal. But with U.S. interest rates still expected to fall in 2024, prices for gold and other metals are likely to surge, Goldman Sachs (NYSE:GS) analysts said in a note this week.
Other precious metal prices also rose on Wednesday. Platinum futures rose 0.3% to $913.10 an ounce, while silver futures rose 0.2% to $23.192 an ounce. Both metals are also facing losses through 2024
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