STARTRADER Market Recap | 04-May-2023

Gold prices surged today to a new all-time high following a 25-basis point interest rate increase by Fed, with an indication that further rate hikes may be avoided. According to Federal Reserve Chair Jerome Powell, the central bank remains committed to combatting inflation and reducing it to the targeted 2% level.

As a result, both the stock market and oil prices saw significant drops today, with the Dow Jones index falling to $33,250 and oil prices dipping below $64 in this morning’s trading.

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