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NEW YORK SPOT METAL PRICES

July 27, 2023

Gold and silver drifted upwards prior to today’s interest rate decision and continued higher after the Fed expectedly raised rates 0.25%. Chairman Powell was relatively vague and non-committal in his press conference, noting the positive inflation data from earlier this month while reemphasizing the FOMC’s commitment to the 2% benchmark. Gold and silver are up about 1.5% and 3% respectively from this week’s lows after the decision. Stocks closed mixed with the S&P virtually flat, the Nasdaq down 0.1%, and the Dow up 82 points. Today is the Dow’s 13th consecutive win, its longest since 1987.