New York gold prices fell nearly 2% on the 17th, closing below the $4,300 mark
Source: Xinhua Finance
Xinhua Finance, New York, June 17 (Reporter: Xu Jing) — On June 17, the most actively traded August 2026 gold futures on the New York Mercantile Exchange fell by 1.79%, closing at $4,276.30 per ounce.
Following the conclusion of the Federal Reserve's monetary policy meeting, the decision was made to keep interest rates unchanged in the 3.5% to 3.75% range and a hawkish signal was released. As a result, gold prices turned downward that day, once plunging to a two-day low of $4,219 per ounce before the losses narrowed.
This was the first monetary policy meeting presided over by Kevin Walsh since he took over as Chair of the Federal Reserve on May 22. In its statement, the Federal Reserve removed its forward guidance language, noting that despite uncertainties stemming from the Middle East conflict, the economy continues to expand steadily, the labor market remains stable, and the unemployment rate is basically unchanged.
However, due to supply shocks driving up prices of products in certain sectors including energy, inflation remains above the Federal Reserve’s 2% target, so the Fed remains committed to achieving price stability.
After the Federal Reserve's policy decision was announced, U.S. Treasury yields and the U.S. dollar index rose, putting pressure on gold prices.
The Federal Reserve’s Summary of Economic Projections (SEP) released the same day indicated that the market expects the federal funds rate to reach 3.8%, up from 3.4% in March; economic growth rate is projected to reach 2.2% by the end of 2026; and the Fed's preferred inflation gauge, the core personal consumption expenditures (PCE) price index, is expected to be 3.3%, 1.3 percentage points above the Fed’s 2% target.
Among the 19 meeting participants, 9 expect rate hikes will be necessary in 2026, 8 expect rates to remain unchanged, and only one thinks a single rate cut in 2026 is reasonable. Walsh did not submit his view on the expected rate path.
On the same day, July silver futures prices fell 2.93% to close at $67.96 per ounce.
Editor: Zhu Henan
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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