Skyrocketing Federal Funds Rates Drowning Gold

Daily Market Report - 06/15/22

GOLD

Gold traded today between $1,817 and $1,837 per ounce today as it awaits the Federal Reserve announcement this afternoon. Yesterday’s news of a 10%+ increase in wholesale prices for May caused gold to reach a low of $1,806 in late trading. The Fed just announced a 0.75% increase in its Fed Funds rate and initially the gold price was unchanged. At 11:10am PT today, Gold is trading at $1,815 per ounce, up $2 on average volume.

SILVER

Silver is showing better price support than Gold, reaching a high of $21.79 in the early morning trading. The Silver price is showing some weakness on the Fed announcement. At 11am PT today, Silver is trading at $21.35, up $0.30 on normal volume.

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