Gold Price Surges as Fed Signals End of Rate Hikes and Dollar Weakens

Gold and silver prices surged after the Federal Reserve's FOMC statement revealed a dovish stance on U.S. monetary policy, with most officials expecting rate cuts in 2024, 2025, and 2026. The statement acknowledged moderated economic growth but elevated inflation. The market awaits Fed Chairman Jerome Powell's press conference, where he may emphasize the ongoing fight against inflation. U.S. inflation data for November came in close to expectations, providing some relief to the market. The U.S. dollar index dropped, crude oil prices rose, and the yield on the 10-year Treasury note decreased after the FOMC statement. Technically, gold futures hit a three-week high, while silver futures hit a three-week low. Copper prices closed slightly lower.