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Gold rises after Fed holds, hawkish dissent boosts volatility
Gold traded within a $4,041 to $4,100 range after the Fed’s 9-3 decision, as three FOMC members favored a 25 basis point hike.
Gold prices rose during the North American session after the Federal Reserve held rates unchanged, despite dissent from three FOMC members who wanted an additional 25 basis point increase. The split vote was 9-3, and XAU/USD was marked by volatility, trading in a $4,041 to $4,100 range at the time of writing, according to FXStreet.
In its statement, the Fed said economic activity is expanding at a solid pace, even with elevated uncertainty tied to the Middle East conflict. It also stated that productivity growth and capital investment are strong, job gains have kept pace with the workforce, and the unemployment rate has changed little.
The Fed reiterated its commitment to delivering price stability. The three dissenters were Beth Hammack of the Cleveland Fed, Neel Kashkari of the Minneapolis Fed, and Lorie Logan of the Dallas Fed, each of whom preferred a rate hike rather than holding steady, FXStreet reported.
Latest closeGold $4,023.80 ▼1.2%