U.S. Dollar vs Interest Rates vs Precious Metals

Gold Spot Price today decreased to $1,228.70 (-0.87%) per ounce, Silver Price $16.44 (-0.72%), Platinum Price $900.50 (-0.18%), Palladium Price $795.00 (-0.68%), Dow Jones index 20957.90 (0.11% increase).

U.S. Dollar and Interest Rates vs Precious metal

The U.S. Dollar Index increased on Thursday. Additionally, it hit more than six-week highs. This was after the Federal Reserve announces it is still on track for two more interest rate hikes this year. The Fed announced that they will keep interest rates unchanged. They downplayed weak first-quarter economic growth. And, they emphasized the strength of the labor market in their statement following the end of a two-day policy meeting. However, there is still uncertainty as the economy is really on track for the Fed to raise interest rates twice more this year. And, to begin reducing its balance sheet. Gold price dropped significantly today, silver, platinum, and palladium also joined gold’s steep decline, dropping about 1%. There are a number of economic, political and military events that trigger current gold price.

Stock Market Today

U.S. stocks on Thursday opened slightly higher S&P 500 2389.90 (+0.08%) and NASDAQ Index 6075.92 (+0.05%), Dow Jones Industrial Average 20957.90 (+0.11%). US stock market reacted positively to the FOMC statement. There was an expression of confidence in the U.S. economy. Hope as well that it would raise interest rates again soon. Oil prices have dipped below $50 per barrel in recent days. This is as optimism over a production cut strategy agreed between major producers fades. American producers, however, increase their activity. The latest French election news and last night’s final TV debate with centrist candidate Emmanuel Macron and far-right Marine Le Pen, indicated that Macron is still a favorite to win the second round of the elections this Sunday. Economic data for today: Initial jobless claims, Consumer Credit.