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Gold futures are now within striking distance of the next major milestone. Today’s strong gains have taken December gold within striking distance of $2700 per troy ounce. As of 5:10 PM EDT, gold futures basis the most active December contract is fixed at $2682.10 after factoring in today’s $28.70 gain.
In explaining the decision, Fed Chair Jerome Powell stated that this"recalibration of our policy stance will help maintain the strength of the economy and the labor market, and will continue to enable further progress on inflation as we begin the process of moving toward a more neutral stance." Fueling further anxiety are the escalating geopolitical tensions in the Middle East. The war in Israel has escalated to now include Hezbollah in Lebanon. Both sides have actively launched military strikes widening the scope of the crisis. Investors have turned to gold as a traditional hedge against such global instability.
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