It was said in the 1945 motion picture “Children of Paradise” that time speeds up without you noticing when you’re performing the same act over and over again.
Truer words were never spoken.
It has been close to a year already since I started writing for EarnForex.com, and I have already published my 200th article on commodities. What a time it has been, and I haven’t even noticed how quickly it has gone by. It has definitely been a delight writing for this website, reporting on gold and oil, orange juice and wheat prices every day from Monday to Friday.
Here is my latest article:
Gold Soars on Weaker US Dollar, Dovish Federal Reserve
The Federal Reserve pulled the trigger on the third rate hike in a decade on Wednesday, but that did not stop gold prices from surging. The yellow metal climbed on Thursday as investors started to comb through the US central bank’s remarks and take a look at the market’s response to an increase of 25 basis points to interest rates. The precious metal is also benefiting from a weaker US dollar.
April gold futures soared $28.60, or 2.38%, to $1,229.30 per ounce at 16:31 GMT on Thursday. Gold futures are now poised to settle at a two-week high and will post its biggest one-day percentage gain since June 2016.
Silver is also joining in the rally. May silver futures rose $0.43, or 2.55%, to $17.35 an ounce. Silver is set to record its largest one-day percentage gain in two months.
Fed Chair Janet Yellen announced on Wednesday that rates would go up for the second time in three months. The Federal Open Market Committee (FOMC) overwhelmingly voted in favor of raising its target rate by 25 basis points to a range of between 0.75% and 1%. Yellen also stuck to the central bank’s forecast of two more rate hikes sometime this year. The market was disappointed by the Fed not hinting at any initiatives to quicken the pace of monetary tightening. This move was considered to be a “dovish” or “neutral” rate hike.