(Kitco News) - The gold market is holding relatively steady above $2,400 an ounce as the Federal Reserve leaves interest rates unchanged, sees inflation as less of a threat to the economy.
As expected, the U.S. Central Bank left the Federal Funds Rate unchanged in a range between 5.25% and 5.50%. The Federal Reserve’s monetary policy statement was roughly unchanged as it reiterated that risks to the economy are balanced.
However, there was one slight adjustment as the central bank shifts its focus away from inflation.
“The Committee judges that the risks to achieving its employment and inflation goals continue to move into better balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate,” the statement said.
In June the statement said that it remains attentive to inflation risks.
The gold market is not seeing much reaction to the Federal Reserve’s latest monetary policy decision. August gold futures last traded at $2,420.60 an ounce, up 0.65% on the day.
