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Gold rises ahead of FOMC announcement

Gold rises ahead of FOMC announcement

Gold futures traded on the COMEX division of the New York Mercantile Exchange rose on Wednesday, as investors waited to hear from announcements from the Federal Open Market Committee (FOMC) announcement.

The gold contract with the highest activity for December delivery climbed 0.3 U.S. dollars, or 0.02 percent, and closed at 1,650 dollars for an ounce.

After the trading on the floor has been shut after the floor trading is over, the Federal Reserve concluded its monetary policy meeting and decided to increase rates by 75 basis points , bringing it to 3.75 to 3.75 4-percent range. This marks the sixth rate increase by the Federal Reserve in 2022 and the fourth consecutive 0.75 percent increase,report by slot machine online.

When determining the rate of any future increases within the range of targets The Committee will be taking into consideration the gradual tightening of monetary policies as well as the lags in how monetary policy impacts inflation and economic activity as well as financial and economic changes," the FOMC statement declared, indicating that further increases are likely, even though they may occur in smaller amounts.

Gold boosted gains in electronic trading after announcements by the FOMC statement.

The Automated Data Processing Inc. announced on the following day it had reported that U.S. employers added 239,000 jobs in October, which was over the forecasts.

Delivery of silver for December dropped 7.3 cents per ounce, or 0.37 percent, and closed with 19.594 dollars an ounce. Platinum for January delivery climbed 0.4 dollars which is 0.04 percent, and closed with 950.9 dollar per troy ounce.