Gold Trades In A Narrow Range Awaiting Powell's Announcement

GOLD

Today, Gold is trading in a narrow range awaiting Fed Chairman Powell sharing the Fed’s latest U.S. monetary policy and interest rate decisions. This news will directly affect the price of precious metals and many other financial assets. Gold traders have pretty much priced in a fairly aggressive set of policy moves by the Federal Reserve, which has put the market in a “Sell the Rumor, Buy the Fact” situation. This means Gold could rally if the Fed delivers as expected. Prices are likely to fall further if the tone of the Fed’s monetary policy statement and Fed Chair Jerome Powell’s press conference is more hawkish than expected. At 11am PT Today, Gold is down $5 per ounce, trading at $1,867 on average volume.

SILVER

Silver traded today between $22.17 and $22.56 as it awaits the Fed announcements. The Silver price has shown during this recent correction to be more volatile to interest rate and other monetary policies due to the effect on the inflation rate. At 11am PT today, Silver is trading at $22.35 per ounce, down $0.30 on normal volume.