Gold futures, based on the most active June contract, are currently trading at $2,438.50, up $21.10 or 0.87% for the day. The June contract opened at $2,422.20, reached a high of $2,454.20, and a low of $2,411.10. Gold futures have gained significant value over the past month, considering they were trading at $2,298.20 on Wednesday, May 1.
The Federal Reserve raised interest rates to the highest level in 23 years and has maintained its current benchmark Fed funds rate between 5% and 5.25% for just over a year. Last year, inflation did decline, and the Fed saw significant progress, with the peak of just over 9% and the April 2024 CPI at 3.4% year-over-year. However, current levels of inflation are still dramatically above the Federal Reserve's target of 2%.
"I believe that our policy rate is in restrictive territory as we continue to see the labor market come into better balance and inflation decline, although nowhere near as quickly as I would have liked," said Jefferson.
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