welcome back to our weekly update I'm Charlotte McLeod with the investing News Network and I'm here to give you a quick look at our top stories for the week [Music] the gold price fell below the 1984 ounce Mark in the first half of this week but it wasn't long before it was back above 2000 once again the U.S federal reserve met from May 2nd to 3rd and unsurprisingly it's been a major Focus for Market participants the central bank was widely expected to raise interest rates by another 25 basis


points and that's exactly what it did the target federal funds rate now ranges from 5 to 5.25 percent up from zero at the beginning of 2022. we're recording this video just after The Fez decision and in the immediate aftermath of the news gold remained secure above 2000. the yellow metal tends to perform better when interest rates are low not when they're high but the fed's commentary is also important to consider experts have latched on to the fact that it's post-meeting press


release includes wordings similar to the language it used when it stopped hiking rates in 2006. expectations for a pause in mid-june are now running High there are also other factors beyond the FED that are influencing gold right now Chief among them is the ongoing banking crisis the latest casualty is First Republic Bank which was seized by Regulators on May 1st its deposits and most of its assets have been sold to JPMorgan Chase bulk has a key role as a safe haven and many of the experts I speak with


continue to believe its price could go much higher in 2023 here's how dondurant explained it so now where are we going from here in the short term in the short term I think Gold's gonna go down somewhere between 1800 and 1850 and that'll be that final capitulation selling and once that's done I think van if as long as gold holds 1800 that's a really key level as long as it holds 1800 we should get to 2300 this year so we're above we don't you know we stay above 1800 say between now and the end


of June then I really think that gold will really run fast and seller will just you know it'll come running and so once gold gets above 2080 silver will get above 27 fairly quickly once Silver's above 27 I really think this can be like a magnet that pulls it to 30 and once it's above 30 then We're Off to the Races I'll include the link to the full interview with Dawn in the video description as we wrap up I want to take a brief look at recent developments in Mexico in a rush session over the weekend the


country's government approved a new mining law that shortens the maximum concession length to 30 years down from 50 years other requirements include the return of some profits to local communities Mexico is a major exporter of Commodities it's the world's top producer of silver as well as a significant producer of Gold and copper however the current president has taken a tough stance on mining since taking office in 2018. he hasn't issued any new concessions in that time which critics


have argued is Herring the sector he also nationalized Mexico's lithium industry earlier this year many Canadian mining companies operate in Mexico and the country's trade Minister expressed concerns about the new law before it caught the green light on the flip side Mexico is criticized foreign miners for practices that negatively impact the environment and for failing to support those living in close proximity to mining operations that's all for this week if you like this video make sure you subscribe to


our Channel and turn on notifications so you don't miss future updates and interviews you can also follow us on social media or click below for our report or any article mentioned in this video we'll see you next time [Music]