Gold & Silver Rise After Federal Reserve Announcement

GOLD

The Gold price moved sharply higher today, after yesterday’s U.S. Federal Reserve policy statement. Chairman Jerome Powell said the Delta variant may weigh on a recovery in the labor market and that our central bank was still a “ways away” from considering raising interest rates. This news caused the U.S. Dollar Index to drop below 92, which helped Gold to rally $25 per ounce. At 11am PT today, Gold is trading at $1,834.78 per ounce, up $32.13 on excellent volume.

SILVER

Silver followed Gold higher this morning on the Chairman Powell news, breaking back above $25 and kept on Gold. Silver reached a high of $25.89 before seeing some light short-term profit taking. At 11am PT Today, Silver is up $0.92 per ounce, trading at $25.75 on good volume.