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IPFS News Link • Gold and Silver

Gold, Silver, and Crypto Prices Surge After Federal Reserve's Quarter-Point Increase

• by Jamie Redman

Fed's Rate Hike Sparks Surge in Gold and Silver Values

As of May 3, 2023, the price of gold per ounce 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's rate hike has sparked a flurry of activity on Twitter, with precious metals trending and generating numerous discussions and tweets. Meanwhile, global data from Google Trends indicates that the search term "how to buy gold" reached a perfect score of 100 on Wednesday afternoon, according to 24-hour statistics.

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, while six-month statistics reveal a 31.5% rise against the greenback. Following the Federal Open Market Committee's (FOMC) decision to raise the benchmark bank rate on Wednesday, chair Jerome Powell emphasized the central bank's unwavering commitment to reducing inflation.