Gold prices rise

Gold prices on March 17 morning recovered after falling last night, amid the publication of the results of the meeting of the US Federal Reserve System (FRS), Report informs referring to the auction data.

Thus, the price of the April futures for gold on the New York Comex exchange rose by 1.38%, or $26.55, to $1,935.65 per troy ounce. May futures for silver rose 2.88% to $25.42 an ounce.

Gold prices are recovering from the decline on March 16 after the publication of the results of the Fed meeting. Thus, the regulator expectedly raised the discount rate to the level of 0.25-0.5% per annum. This is a positive factor for the national currency and negative for gold.

However, Fed Chairperson Jerome Powell’s speech returned some optimism to gold investors. “Gold initially tumbled on the hawkish Fed statement and economic projections, but trimmed a good amount of losses after Fed Chair Powell signaled that the balance-sheet runoff announcement could occur as soon as May,” Oanda analysts told the Wall Street Journal.