Gold broke through $2,200 late peaking at $2,220 before moderating around $2,200 yesterday. Silver very nearly stole the limelight from gold, as it rocketed up to $25.63, a nearly 3% climb.
The big economic event was the FOMC announcement, however, gold did not react especially dramatically to the initial news that US rates would remain in a range of 5.25% - 5.50%. It was only after the reopen that it leaped up to $2,200, following Powell's press conference.
Did it just take a press announcement about US interest rates for gold and silver to start climbing? No, but it was certainly the catalyst to a reaction that has long been taking effect. Gold has been performing very well of late. After all, it wasn't so long ago that we were remarking that it had broken through $2,100.
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