Producers of metals and other raw materials rose as some of the fears spurred by China Evergrande started to subside, and investors turned their attention to the Federal Reserve following the conclusion of its two-day September meeting.
In a statement issued after the meeting, the Fed said that if economic progress continues broadly as expected, "the Committee judges that a moderation in the pace of asset purchases may soon be warranted."
Gold futures finished with a slight gain, then climbed even further in electronic trading after the Fed announcement. In updated projections, the central bank penciled in three rate hikes in 2023 and three more in 2024, bringing the benchmark interest rate up to 1.8% by the end of the period.
December copper climbed nearly 3.1% to $4.25 a pound. October platinum rose 5.3% and December palladium settled 7.5% higher after two straight weeks of declines.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
09-22-21 1703ET
