- Gold price bulls come back after Federal Reserve triggers dovish interest rate hike.
- Silver price makes seven-week highs as precious metals appreciate.
- US Treasury yields fall below 3.5%, sink US Dollar value.
Gold traders are again rejoicing after the Federal Reserve (Fed) confirmed expectations of a modest 25 basis points interest rate hike on Wednesday. The bright metal has re-gained the $1,970 mark, back on the uptrend after having retraced from year-to-date highs on Monday and Tuesday. Precious metals have all benefited from the super-important central banking decision, as Silver triggered a seven-week high just short of $23 to continue with its uptrend.
The fall of the US Treasury bond yields, with the benchmark 10-year bond netting below 3.5% after the Fed decision, is behind this move, as the US Dollar, the measure of all commodity markets, including Gold and Silver, is highly correlated to it.
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