Gold sees sharp bounce following less hawkish Fed

Published on Mar 23, 2023 11:35

Gold added excellent gains on Thursday as dollar weakened on a less hawkish Fed that hiked interest rates by 25 basis points on Wednesday, but softened its rhetoric on tightening monetary policy. Despite recent turmoil in the banking industry, the Federal Reserve announced that is has decided to continue raising interest rates. The Fed said it has decided to raise the target range for the federal funds rate by another 25 basis points to 4.75 to 5.0 percent. Benchmark US treasury yields were down more than 1% while dollar index that measures the greenback against a basket of currencies was lingering at a seven week low of 101.75. Meanwhile, COMEX gold was quoting at $1976.90 an ounce, up 1.41% on the day, having seen a sharp bounce in last session.