Gold, Silver & Crypto Soar After Fed Rate Hike; Crude Plummets

• The Federal Reserve’s quarter-point increase in the federal funds rate has led to a surge in the prices of precious metals such as gold and silver, with gains ranging from 0.87% to 1.18%.
• Crypto assets also saw an increase, with bitcoin (BTC) surpassing $29K per unit and Ethereum (ETH) reaching over $1,900.
• However, crude oil prices dropped on Wednesday, with all major indices recording losses during the day.

Federal Reserve Rate Increase

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. 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 .

Crypto Assets Rise

Silver has also been on the rise ,with the value of an ounce increasing by 0 .87 % against t he U .S .dollar on Wednesday . Over t he past 30 days ,silver has seen a 6 %increase ,while six -month statistics reveal a 31 .5 %rise against t he greenback . On Wednesday ,not only did gold experience a surge i n value ,but crypto assets also saw a rise ,with bitcoin ( BTC )surpassing t he $ 29K pe r unitsand ethereum ( ETH )reaching ove r$1 , 900 pe r unit Both leading crypto assets saw gains ranging from 1 .3 %to 1 .8 %against t he greenback

Crude Oil Prices Plummet
Following t he Federal Open Market Committee ’ s( FOMC )decision to raise t he benchmark bank rateonWednesday chair Jerome Powell emphasizedthe central bank’s unwavering commitment tore ducing inflation “The assessmentof t he extentto which additional policy firming may beappropriate is going to bean ongoingone meeting bymeeting ”Powell remarked “We have tob alancethe riskof not doing enoughand not gettinginflation unde r control againstthe riskof slowing down economicactivity too much Andwe thought thatthisrate hike along wit hthe meaningful changein our policy statementwas therigh tway tob alance that ”However market observersalso witnesseda significant drop incrude oil priceson Wednesdaywith West TexasIntermediate( WTI )Brent BlendNymexcrudebDubai Crudeandt heOPEC Reference Basketallrecording losses duringtheday

Social Media Reactions
Fed’s rate hikehas sparkeda flurry of activityonTwitter withprecious metalstrendingand generatingnumerousdiscussions andtweets Meanwhile globaldatafromGoogle Trendsindicates thatthe searchterm“ howtobuygold ”reacheda perfectscoreof100 onWednesdayafternoonaccordingto 24 -hou rstatistics

In conclusion followingthe Federal Reseves‘ quarter pointincrease inthe federalfunds ratethere wasasurge invalue forbothpreciousmetalssuch assilverandgoldas well ascryptoassets Such asbitcoin Ethereum etcAt th esametimehowevercrudeoilpricesdropped significantly