Gold
futures climbed Wednesday to settle at their highest level in about a
week, then turned lower in electronic trading after the Federal Reserve
left interest rates unchanged but kept the door open for a rate hike at
its next meeting.
Shortly
after the price settlement for gold, the Fed’s policy-setting committee
said it decided to keep interest rates close to zero, but also
indicated in its statement that it would focus on its “next meeting” in
mid-December on whether to raise rates.
Before
the Fed news, gold for December delivery gained $10.30, or 0.9%, to
settle at $1,176.10 an ounce on Comex. That was its highest finish since
Oct. 20.
Shortly after the Fed news, however, prices fell to $1,162 an ounce in electronic trading. The stock market’s gains evaporated.
Gold
has benefited from the Fed’s ultraloose monetary policy because
commodities like gold don’t offer interest. Lower rates also keep moves
in the U.S. dollar in check. A stronger dollar can be a drag on
dollar-denominated commodities, making them more expensive for buyers
using foreign currencies.
Other
metals on Comex settled higher Wednesday before the Fed news, with
December silver rallying 43 cents, or 2.7%, to $16.293 an ounce, January
platinum tacking on $23.60, or 2.4%, to $1,012.80 and December
palladium settling at $686.10 an ounce, or 1.1%. December copper ended
barely higher at $2.363 a pound.
Source: MarketWatch
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