Gold, Silver Spot Prices Up

Yesterday, the Federal Reserve announced the eighth interest rate increase since the current process started in 2022.

According to CNBC:

The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter percentage point and gave little indication it is nearing the end of this hiking cycle.

Aligning with market expectations, the rate-setting Federal Open Market Committee boosted the federal funds rate by 0.25 percentage point. That takes it to a target range of 4.5%-4.75%, the highest since October 2007.

The move marked the eighth increase in a process that began in March 2022.

In response, gold and silver spot prices rose.

From Nasdaq.com:

Feb 2 (Reuters) - Gold rose to a nine-month high on Thursday on a subdued dollar, as investors held onto the view that the U.S. Federal Reserve would soon end its rate hiking cycle after it announced an expected 25-basis-point increase.

Spot gold XAU= was up 0.2% at $1,954.77 per ounce at 0927 GMT, having hit its highest since April 2022 earlier in the session. U.S. gold futures GCv1 rose 1.5% to $1,955.30.

Spot silver XAG= gained 0.9% to $24.19 per ounce, scaling a one-week high.