- Gold prices fell during trading today, Thursday, after the US Federal Reserve decided to keep interest rates steady at 5.5% for the seventh time in a row yesterday.
- The price of yellow metal futures for August delivery fell by 1.24% to $2,325.50 per ounce, and the price of spot gold delivery fell by 0.64% to $2,310.14 per ounce.
- The US Federal Reserve decided yesterday, Wednesday, to fix interest rates within the range of 5.25% and 5.50%, which is the highest level in 23 years.
- The bank's chairman, Jerome Powell, said in a press conference after the meeting that the inflation forecasts presented by the bank are somewhat conservative and may not be supported by the data that will be issued later, and that they are subject to review.
- US monetary policymakers also lowered their forecast for the number of interest rate cuts expected this year to just one, instead of three, as had been expected at their March meeting.
- As for other precious metals, silver contracts for July delivery fell 3.41% to $29.24, and the price of spot platinum fell by 1.30% to $949.28 per ounce.
