Open Demo Account
Home / Market Update / Commodities / Gold retreats from weekly highs on Fed’s rate decision

Gold retreats from weekly highs on Fed’s rate decision

Mohamed Abdelhamid 3 November, 2022 1:42 am Commodities, Forex Market, Market Update

The Gold Index, XAU/USD hit a daily high at $1669 before erasing its gains later as traders are digesting the remarks by Fed Chair Jerome Powell and the Fed’s rate policy statement.

If XAU/USD clears the $1617.30 support, a re-test of $1600 is potential. Gold price erased Tuesday’s gains following the release of the November monetary policy meeting of the Federal Reserve’s FOMC.

The US central bank lifted rates by 75 bps to 3.75-4.00%, the highest level reached since 2008, at around the financial crisis. At the time of writing, XAU/USD is trading at $1635.50, down by about 0.80%.

Tags

Check Also

Bitcoin Flatlines Near Annual Lows as Seven-Week ETF Outflow Streak Extends: CLARITY Act Could Be Coinbase’s Catalyst

Key Takeaways Bitcoin barely moves: The world’s largest crypto edged up 0.5% to $62,673.2, keeping …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends