Following the policy meeting of the Federal Reserve that ended last week, prices for precious metals demonstrated a highly stable dynamic.
The Fed’s decision to keep its benchmark interest rate at the current level triggered a burst of volatility and a lower appetite for risk assets among investors in global financial markets. However, precious metals extended their gains posted earlier ahead of the latest meeting of the Federal Open Market Committee as well as after it was over.
Gold prices surged at the fastest pace as compared to other metals. On Friday, the closing price of gold futures for December delivery climbed by 1.9%, coming in at $1,137.80 per troy ounce. Market strategists emphasize that gold managed to hit its highest level since the beginning of September. Overall, gold prices jumped by 3.1% over the previous week.
Moreover, platinum and silver also gained in value. December contracts for silver increased by 1% last Friday and ended the day at $15.14 per troy ounce.
At the same time, platinum futures for December delivery rose by 1.3% on the New York Mercantile Exchange, landing at $981.50 per ounce.
