Gold May '26 (GCK26)
Gold Futures Market News and Commentary
The dollar index (DXY00) on Wednesday rose by +0.49%. The dollar moved higher on Wednesday, supported by stronger-than-expected US economic reports on May retail sales and May pending home sales. The dollar raced to its high on Wednesday afternoon when the FOMC projected higher interest rates later this year.Â
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US May retail sales rose +0.9% m/m, stronger than expectations of +0.6% m/m. Also, May retail sales ex-autos rose +0.8% m/m, stronger than expectations of +0.6% m/m.
US May pending home sales rose +3.8% m/m, stronger than expectations of +0.9% m/m and the biggest increase in 20 months.
The FOMC, as expected, voted unanimously to keep the fed funds rate target unchanged at 3.50%-3.75%, and removed language on potential additional adjustments to interest rates and declared "the committee will deliver price stability."Â
The FOMC's dot plot of interest rate projections showed the committee raised its fed funds rate projection to 3.750% at the end... Read more
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