Gold approaches lowest in 2 weeks behind Fed announcement
December 18, 2014 2:52 am
Gold held near its lowest value in two weeks after policy makers of the Federal Reserve decided to drop its earlier pledge to keep interest rates low for an extended period of time, indicating that it is nearing its first rate hike since 2006.
Spot gold traded at a price per ounce of $1,198.78 mid morning Singapore time, slightly up from yesterday’s $1,198.71. It hit its lowest since December 1st yesterday when it hit $1,183.89, based on generic pricing from Bloomberg. The precious metal is on track to end its two week winning streak behind lower energy prices pushing inflation down below the US central bank’s goal of 2%.
Fed chair Janet Yellen announced yesterday that policy makers are unlikely to make any major actions before the end of April and made a new pledge to be “patient,” which sent the Bloomberg Dollar Spot Index to its highest level in five years.
Futures for gold with a delivery date in February fell by 0.4% for a price per ounce of $1,190.20 in New York’s Comex after hitting its lowest since December 1st yesterday of $1,182.
Spot silver was slightly up at a price per ounce of $15.7695 from yesterday’s $15.7545.
Platinum for immediate delivery climbed up by 0.2% to $1,196.13 per ounce, while palladium increased by 0.1% to $779.85 per ounce.
The material has been provided by InstaForex Company – www.instaforex.com
Gold held near its lowest value in two weeks after policy makers of the Federal Reserve decided to drop its earlier pledge to keep interest rates low for an extended period of time, indicating that it is nearing its first rate hike since 2006.
Spot gold traded at a price per ounce of $1,198.78 mid morning Singapore time, slightly up from yesterday’s $1,198.71. It hit its lowest since December 1st yesterday when it hit $1,183.89, based on generic pricing from Bloomberg. The precious metal is on track to end its two week winning streak behind lower energy prices pushing inflation down below the US central bank’s goal of 2%.
Fed chair Janet Yellen announced yesterday that policy makers are unlikely to make any major actions before the end of April and made a new pledge to be “patient,” which sent the Bloomberg Dollar Spot Index to its highest level in five years.
Futures for gold with a delivery date in February fell by 0.4% for a price per ounce of $1,190.20 in New York’s Comex after hitting its lowest since December 1st yesterday of $1,182.
Spot silver was slightly up at a price per ounce of $15.7695 from yesterday’s $15.7545.
Platinum for immediate delivery climbed up by 0.2% to $1,196.13 per ounce, while palladium increased by 0.1% to $779.85 per ounce.
The material has been provided by InstaForex Company – www.instaforex.com
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