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The Federal Reserve extended seven emergency lending facilities launched since March to December 31, 2020, ahead of a July 28-29 policy meeting. Gold and silver spiked in Asian trade before profit-taking erased the gains.
Analysts pointed to fast recent gains and strong momentum as drivers of the reversal.
Extended easy-money support tends to keep the dollar softer and supports broader commodity prices, but the reversal in precious metals shows the move was largely speculative. Feed markets see little direct impact from this news.
news.metal.comJul 29, 2020After 113 past macro events, Urea moved a median 0.0% over 5 sessions (48% higher; middle half -2.0% to +3.3%), and +3.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
