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Independent Authority for precious metals
The gold price remained largely unmoved by the latest rate hike from the US central bank last night. The decision had already been priced-in by markets and neither the hike itself, nor Chairman Powell’s press conference after, resulted in any significant change for precious metals.
After a difficult May and June, silver has enjoyed strong gains in July on the back of a weakening dollar and higher demand expectations. The alternative precious metal is currently bumping up against resistance at $25 per ounce but could be poised to make further gains in the months ahead.
Gold has successfully bounced back after falling below $1,900 per ounce last week and continues to show resilience in 2023 despite headwinds from likely rate hikes to come in the next few months.
