{"id":28518,"date":"2023-05-03T19:41:27","date_gmt":"2023-05-04T02:41:27","guid":{"rendered":"https:\/\/coinnetworknews.com\/gold-silver-and-crypto-prices-surge-after-federal-reserves-quarter-point-increase-markets-and-prices-bitcoin-news\/"},"modified":"2023-05-03T19:41:27","modified_gmt":"2023-05-04T02:41:27","slug":"gold-silver-and-crypto-prices-surge-after-federal-reserves-quarter-point-increase-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/gold-silver-and-crypto-prices-surge-after-federal-reserves-quarter-point-increase-markets-and-prices-bitcoin-news\/","title":{"rendered":"Gold, Silver, and Crypto Prices Surge After Federal Reserve’s Quarter-Point Increase \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"
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Following a quarter-point increase in the federal funds rate by the Federal Reserve on Wednesday, precious metals such as silver and gold experienced a surge in value against the U.S. dollar, with gains ranging from 0.87% to 1.18%. Gold, in particular, has been on an upward trajectory, having risen by 3.4% in the past month and over 25% in the last six months.<\/strong><\/p>\n

Fed\u2019s Rate Hike Sparks Surge in Gold and Silver Values<\/h2>\n

As of May 3, 2023, the price of gold per ounce<\/a> has once again surpassed the $2,000 mark, currently trading at $2,057 per unit, representing a 1.18% increase in the past 24 hours. The Fed\u2019s rate hike has sparked a flurry of activity on Twitter, with precious metals trending<\/a> and generating numerous discussions and tweets. Meanwhile, global data<\/a> from Google Trends indicates that the search term \u201chow to buy gold\u201d reached a perfect score of 100 on Wednesday afternoon, according to 24-hour statistics.<\/p>\n

Silver has also been on the rise, with the value of an ounce increasing by 0.87% against the U.S. dollar on Wednesday. Over the past 30 days, silver has seen a 6% increase<\/a>, while six-month statistics reveal a 31.5% rise against the greenback. Following the Federal Open Market Committee\u2019s (FOMC) decision to raise the benchmark bank rate<\/a> on Wednesday, chair Jerome Powell emphasized the central bank\u2019s unwavering commitment to reducing inflation.<\/p>\n

\u201cThe assessment of the extent to which additional policy firming may be appropriate is going to be an ongoing one, meeting by meeting,\u201d Powell remarked<\/a>. \u201cWe have to balance the risk of not doing enough and not getting inflation under control against the risk of slowing down economic activity too much. And we thought that this rate hike, along with the meaningful change in our policy statement, was the right way to balance that.\u201d<\/p>\n

Crypto Assets Rise While Crude Oil Prices Plummet<\/h2>\n

On Wednesday, not only did gold experience a surge in value, but crypto assets<\/a> also saw a rise, with bitcoin (BTC<\/a>) surpassing the $29K per unit range and ethereum (ETH<\/a>) reaching over $1,900 per unit. Both leading crypto assets saw gains ranging from 1.3% to 1.8% against the greenback.<\/p>\n

However, market observers also witnessed<\/a> a significant drop in crude oil prices on Wednesday, with West Texas Intermediate (WTI), Brent Blend, Nymex crude, Dubai Crude, and the OPEC Reference Basket all recording losses during the day\u2019s trading sessions. This decline in crude prices follows Saudi Arabia and OPEC\u2019s decision<\/a> to cut back on production earlier this week.<\/p>\n

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Bitcoin<\/a>, Crude Oil<\/a>, crypto assets<\/a>, Ethereum<\/a>, Federal Reserve<\/a>, funds rate<\/a>, gold<\/a>, inflation<\/a>, market<\/a>, opec<\/a>, silver<\/a><\/div>\n<\/div>\n

What are your thoughts on the recent surge in gold, silver, and crypto prices, and how do you think the Federal Reserve\u2019s decision to raise the federal funds rate will impact the market in the long run? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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