Gold prices rallied sharply and hit a new all-time high of $3,052 on Wednesday as US Federal Reserve (Fed) Chair Jerome Powell spoke following the Fed's decision to hold rates unchanged. At the time of writing, the XAU/USD trades volatile within the $3,035-$3,050 range, up more than 0.20%. The Fed decided to keep rates unchanged at the 4.25%-4.50% range and tweaked its balance sheet, which is expected to run off in April. The Fed acknowledged that labor market conditions remain solid but noted that inflation remains "somewhat" elevated, reaffirming its commitment to monitoring risks to both...
Oil prices edged up on Wednesday after U.S. government data showed a draw in fuel inventories, but the Federal Reserve's decision to hold interest rates steady capped gains. Brent crude futures settled up 22 cents, or 0.31%, to $70.78 a barrel. U.S. West Texas Intermediate crude (WTI) closed 26 cents, or 0.39%, higher at $67.16. U.S. crude stocks rose by 1.7 million barrels last week to 437 million barrels, U.S. government data showed, exceeding the 512,000-barrel rise analysts had expected. However, distillate inventories, which include diesel and heating oil, fell by 2.8 million barrels...
The AUD/USD pair initially fell below 0.6330 following the Federal Reserve's (Fed) monetary policy decision but later trimmed part of its losses as the US Dollar (USD) lost ground post-Powell's press conference. The Fed left interest rates unchanged at 4.5%, reinforcing a cautious approach amid inflation and economic uncertainties. The latest FOMC dot plot signaled a gradual policy easing ahead, with the median rate forecast for 2025 revised down to 3.375% from 3.875%. GDP expectations were also adjusted lower to 1.7% from 2.1%, while unemployment projections rose to 4.4%, indicating...