Post FOMC announcement, the price of the yellow metal was seen to fall as no more stimulus is expected in the near team. However, by the end of the day, it was trading at familiar levels of $1,955.
Meanwhile, crude oil prices saw an increase – a result of the EIA announcement that US crude stockpiles dropped by 4.4million barrels last week (estimation as 1.3 million increase). Hurricane Sally also caused a shutdown of more than 25% of oil production in the Gulf of Mexico.
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