COMEX Gold futures edged up yesterday, hitting near one week high of $1483 per ounce. The US Fed Chairman Jerome Powell note that he would not consider raising rates until inflation picks up significantly. He made these comments after the Federal Reserve announced its widely expected decision to leave rates unchanged, after three consecutive interest rate cuts. The Fed said its Federal Open Market Committee decided to maintain the target range for the federal funds rate at 1.5% to 1.75% on the heels of three straight quarter-point reductions.

The FOMC judged that the current stance of monetary policy is appropriate to support a sustained economic expansion, strong labor market conditions, and inflation near its symmetric 2 percent objective. The central bank maintained its assessment of the economy, reiterating that recent data indicates the labor market remains strong and that economic activity has been rising at a moderate rate. Economic projections provided by the Fed along with the decision show a majority of FOMC participants expect interest rates to remain unchanged throughout 2020.

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