Jakarta, CNBC Indonesia – World gold prices moved up in trading this morning. The precious metal is on a mission to make prices rise three days in a row.
On Thursday (5/5/2022) at 06:42 WIB, the world gold price on the market spot recorded at US $ 1,887.89/troy ounce. Up 0.37% from the previous day’s trading.
Yesterday, gold prices closed up 0.7% and the previous day rose 0.27%. So if today goes up again, then the price of gold will post an increase for three consecutive days.
The dynamics at the United States (US) central bank meeting became a positive sentiment for gold prices. Early this morning Indonesia time, Chairman Jerome ‘Jay’ Powell and colleagues decided to raise the benchmark interest rate by 50 basis points (bps) to 0.75-1%.
Although this is the largest increase in one meeting for the last 22 years, it has already entered the count of market participants. Already priced-inalready ketaker.
Now the question is the next meeting of the Fed, which will be held on June 15, 2022 local time. Is it possible that the Fed will raise the Federal Funds Rate more aggressively, for example 75 bps?
“A 75 bps increase is something we don’t consider,” Powell said at a press conference after the meeting. Reuters.
According to CME FedWatch, the highest probability for next month’s meeting is a 25 bps hike in the benchmark interest rate. The odds are 78.6%.
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