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As of 4:50 PM EDT, gold futures basis most active April contract is currently up $5.90 or 0.27% and fixed at $2177.
June gold is currently fixed at $2203.50, with current volume at 215,474K. Volume is greater in the June contract month than the April contract month, in that any traders that had active trades in April gold have either already rolled over their position into the June contract or will do so within the next 24 hours.
Even though the Federal Reserve addressed the unexpected uptick in inflationary pressures, statements made suggest they are hoping that this is an anomaly not the beginning of a trend. Because of that assumption, the Federal Reserve expressed that they are still moving forward with anticipated rate cuts, which will probably begin in June or July. More importantly, they have penciled in an average of three rate cuts this year, with each cut reducing the Fed funds rate by ¼%.
This means that regardless of the numbers that are released on Friday for the U.S. Core Personal Consumption Expenditure Price Index , investors and traders will not be able to place trades in the financial markets for the long three-day holiday weekend. The CME will close metals trading on Thursday, March 28th, at 15:05.
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