Gold Soared After FED's Decision

Gold soared after the FED's decision. The FED (US Federal Reserve) decided not to change the interest rate.

Gold prices increased after US President Joe Biden announced more spending packages and Fed Chairman Jerome Powell said they would continue to support the economy. Gram gold, on the other hand, followed the rise in global gold prices in line with the flat course of the USD/TL exchange rate. Following the April meeting of the Federal Open Market Committee (FOMC), the Fed unanimously left the federal funding rate unchanged in the range of 0-0.25 percent, in line with expectations. Powell said, "Our policy will continue to support the economy with our verbal guidance." The 10-year US Treasury bond yield rose as high as 1.64 percent on Tuesday and fell to 1.60 percent with Powell's statements.

Ounce Gold

Ounce gold, which started the week at the level of $ 1.775, fell to $ 1.765 with the rising bond interest rates and the strengthening US dollar before the FED meeting. Ounce gold, which is supported by Powell's statements that they will support the economy, is trading around $ 1,785 after rising to $ 1,790.

Gram Gold

Gram gold had dropped to 465 TL with the drop in USD/TL exchange rate and global gold prices after starting the week around 480 TL and recording the peak of this year with 484 TL. Following the rise in global gold prices after the FED meeting, gram gold is around 470 TL.