The Federal Reserve maintained its benchmark interest rate at the 4.25-4.50% target range following the conclusion of its first Federal Open Market Committee (FOMC) meeting of the year.

Gold futures mounted a strong recovery today, climbing $29.10 (1.06%) to $2,767.50 on the February contract, effectively erasing most of yesterday's dramatic decline.

Gold prices experienced a significant decline today, dropping more than 1.3% as investors shifted their focus to the Federal Reserve's first policy meeting of 2024.