Gold

Never assume one has a good read on upcoming decisions by the Federal Reserve regarding changes to their monetary policy. While it was correctly assumed that the Fed would pause rate hikes at Wednesday’s FOMC meeting, the updated dot plot was like a curveball that few if any were able to anticipate.

The rate hike pause by the Federal Reserve was already factored into market prices; but the hawkish tone almost assures that interest rates will remain elevated not only through the rest of this year but well into 2024 was not.

Today, the Federal Reserve concluded the September FOMC meeting. As it pertains to gold, gold spiked to its intraday high of $1968.90 immediately following the release of the policy meeting statement which included the most current revised economic summary or dot plot.

The Federal Reserve will conclude the September FOMC on Wednesday. The meeting will be capped with a new policy statement and interest rate decision which will be released at 2 PM EDT and a press conference by Chairman Powell to be held at 2:30 PM EDT.

Next week the Federal Reserve will begin its sixth Federal Open Market Committee (FOMC) meeting this year. The Federal Reserve convenes and holds its FOMC meetings eight times per calendar year.