Gold which had been trading lower throughout the trading session overseas last night, also traded lower just prior to the release of the Federal Reserve’s statement, and Chairman Jerome Powell’s Q&A session which followed ½ hour after the release of the statement.
Gold traded in negative territory to a low of $1708 this morning before beginning to trade higher. As of 4:34 PM EST gold futures, basis the most active June contract is currently trading up $7.30, and fixed at $1729.50.
The Federal Reserve ended this month’s FOMC meeting, and the Federal Open Market Committee pledging to maintain interest rates where they are, near zero for as long as needed. They also recommitted to using any and all tools available to help stabilize the economy which is currently facing the COVID-19 pandemic. This pandemic has caused a virtual shutdown of many businesses, and has kept global citizens in virtual lockdown.
KEFI Minerals plc (LON:KEFI) is an exploration and development company focussed on gold and copper deposits, primarily in the highly prospective Arabian-Nubian Shield.