Gold Eases In Volatile Moves, COMEX Futures Fall From One Week Top

September 23,2021

COMEX Gold saw a highly intense trading last night as the US Federal Reserve revealed that tapering of the central bank's asset purchases could begin in the near future. The Fed said that a moderation in the pace of asset purchases may soon be warranted if progress towards its dual goals continues broadly as expected. The central bank currently plans to continue its bond purchases at a rate of at least $120 billion per month but is expected to begin scaling back later this year. The Fed's new projections showed half of 18 officials expect to raise interest rates by the end of 2022. Fed also downwardly revised forecasts for US GDP growth in 2021 to 5.9% from 7%, while forecasts for GDP growth in 2022 were upwardly revised to 3.8% from 3.3%. The yellow metal jumped near a one week high of $1788 per ounce before sliding under $1770 mark. The metal currently trades down 0.82% at $1764 per ounce.

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