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Gold Prices +3% as Fed Rate Rise Lags Inflation, Dollar Falls, Greek Debt Deadlines Loom

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financialsense.com / Adrian Ash / 03/16/2017

Gold prices rose further Thursday in London, gaining almost 3% in Dollar terms since the Federal Reserve raised US interest rates as expected yesterday, and also raised its forecast for interest-rate hikes ahead.

Continuing to re-invest the central bank’s $4 trillion QE holdings of US Treasury bonds as they mature, the Fed’s Open Market Committee now sees its key rate ending 2017 no lower than 1.4% versus 1.1% at the December meeting.

The Fed Funds rate will end 2018 between 2.1% and 2.9%, according to the FOMC’s March projections, higher from Dec’s range of 1.9% to 2.6%.

“Inflation has increased in recent quarters,” said Fed chair Janet Yellen, announcing the clearly-telegraphed rise in rates to a ceiling of 1.00%.

US headline inflation rose last month to a 5-year high of 2.7%.

With the Dollar falling again on the FX market this morning, Asian and European stock markets also followed Wall Street’s strong gains after the Fed announcement, driving the MSCI World Index to new all-time highs.

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