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Gold and silver rebound after Fed holds rates, dollar slips

Comex gold rose to a $4,115 intraday high, while silver climbed to $59.40, as the Fed kept its benchmark rate at 3.5% to 3.75% and the U.S. Dollar Index fell.

Reported · Written up by our desk · Precious Metals

Gold and silver prices rebounded in Wednesday trade after the U.S. Federal Reserve left benchmark interest rates unchanged, weakening the dollar and Treasury yields, according to LiveMint Markets.

Comex gold futures rose $77, or 2.0%, to an intraday high of $4,115 per troy ounce. Silver futures rebounded $2, or 3.5%, to $59.40 per troy ounce, with both metals recovering the losses from the prior session.

The Fed kept its rate at 3.50% to 3.75% and said its outlook for inflation, unemployment, and economic activity remained largely in line with the June meeting. Three of 12 policymakers dissented and argued for a 25-basis-point rate hike, as the central bank reiterated price pressures remain elevated versus its 2% target.

Markets also reacted to geopolitical tension after remarks by U.S. President Donald Trump about Iran following attacks on U.S. forces. LiveMint Markets reported that Brent crude jumped 7.5% to $88.13 per barrel and WTI crude rose 6.3% to $85.53 per barrel after the comments.

Latest closeGold $4,023.80 ▼1.2%|Silver $57.33 ▼2.0%|WTI crude $81.23 ▼1.7%

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