Gold And Silver Await Fed Announcements On Rate Reductions In 2024

GOLD

Due to tensions in the Middle East, Gold hit a low on Tuesday morning. Today’s trading forecast is expected to lean bearish, but we will know more after Chairman Powell addresses the Fed about the decision for possible 2024 rate reductions at 2pm EST.

At 11am PT today, Gold is trading at $1961 per ounce, up $9.

SILVER

Silver also saw a dip midweek, but Silver does have a chance to outperform Gold this week. With the Silver-to-Gold ratio seeing resistance around the 87.25-88.00 range, Silver looks to be picking up a bullish trend this morning.

At 11am PT today, Silver is trading at $22.69 per ounce, up $0.03.