The price of June gold futures on the New York Comex exchange rose by $15.75 (0.77%) to $2,052.85 per troy ounce. This is the highest price since the all-time high in 2020, when it reached $2,089 per troy ounce. July futures for silver rose 1.38% to $26.038 an ounce.
Gold is rising after the results of the Fed meeting. On May 3, the regulator expectedly raised the discount rate by 25 basis points to 5-5.25%. However, the Fed signaled that the year-long cycle of raising the discount rate could probably be paused to assess the economic situation in the US.
This decision led to a weakening of the dollar and a decrease in the yield of US government bonds, which are an alternative to the precious metal as safe-haven assets.
The dollar fell against the euro and the yen, its index (the exchange rate against a basket of currencies of six countries that are US trading partners) fell by 0.23%, which makes gold more profitable to buy in another currency, and the yield on ten-year government bonds (US Treasuries) fell to 3.334 % from the last close of 3.403%.
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