Gold and Silver Surge on Rate Hike Optimism
Last week, gold and silver managed to end their respective weekly losing streaks as hopes that the Fed may pause its current rate hike campaign supported the pair. While there were fewer items on this week’s calendar of economic events, manufacturing and employment news drove investor sentiment on rate hike odds, and subsequently, gold and silver prices.
Gold hovered near $1,964 on Tuesday while major stock market averages such as the Nasdaq Composite and S&P 500 touched fresh 2023 highs. On the same day, news broke that the Securities and Exchange Commission was suing the crypto platform Coinbase, alleging that the company was acting as an unregistered broker. Following the news Bitcoin jumped by over 6%, breaching $27,000.00