Gold Price hits up to $1,260.40 (+8.30) per ounce, Silver Price $18.43 (+0.21), Dow Jones index 20,772.04 (38.28% decrease). Silver and gold price updates here at Bullion Exchanges.

U.S. Dollar vs Precious metals (Silver and gold price)

The USD dropped against all of its major counterparts after FOMC release. The US dollar index is also trading lower today. The U.S. dollar continued to struggle as investors sold the greenback, taking it lower against all of the major currencies. The problem lies in yields, which extended its losses despite relatively healthy U.S. data.

The precious metals look to end the week on a positive note after continuing to rally the past several trading sessions. Spot gold briefly touched as high as $1,260/oz overnight before moving back to about $1,255/oz due to some profit-taking this morning. The yellow metal is still trading about $5 per ounce higher in New York.

 

Stock Market Today

Even though U.S. analytics have been worried about the tightening, Fed fund futures show that investors are not convinced that the next rate hike will be in March.  So while we firmly believe that the greenback will trade higher, it may not catch a bid in the nearest future.

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