Gold holds on to gains with Fed getting ready to make decision
December 17, 2014 3:23 am
Gold held its rally just as the Federal Reserve was concluding its two day meeting for policy makers to discuss the scheduling of its first interest rate hikes with investors assessing the possibility of Russia selling bullion.
Spot gold traded slightly up at a price per ounce of $1,198.77 mid morning Singapore time from yesterday’s $1,197.01 when it advanced by as much as 2.5%. It closed 0.3% higher when stocks in the US whipsawed along with oil, spurring speculation that Russia may resort to selling its reserves of gold.
The Bloomberg Dollar Spot Index was mostly unchanged right under its highest level in five years with officials of the US central bank debating whether to keep its promise of keeping borrowing costs at their current near zero levels for a “considerable time.”
Futures for gold with a delivery date in February increased by 0.3% for a price per ounce of $1,198.10 in New York’s Comex to snap a five day losing streak. Holdings under the SPDR Gold Trust, the biggest gold backed exchange traded product, shrank yesterday for the second consecutive day.
Spot silver advanced by 0.3% to a price per ounce of $15.7683. It has fallen by 19% so far this year.
Platinum for immediate delivery increased by 0.4% to $1,203.13 per ounce, while palladium climbed up by 0.5% to $786.50 per ounce.
The material has been provided by InstaForex Company – www.instaforex.com
Gold held its rally just as the Federal Reserve was concluding its two day meeting for policy makers to discuss the scheduling of its first interest rate hikes with investors assessing the possibility of Russia selling bullion.
Spot gold traded slightly up at a price per ounce of $1,198.77 mid morning Singapore time from yesterday’s $1,197.01 when it advanced by as much as 2.5%. It closed 0.3% higher when stocks in the US whipsawed along with oil, spurring speculation that Russia may resort to selling its reserves of gold.
The Bloomberg Dollar Spot Index was mostly unchanged right under its highest level in five years with officials of the US central bank debating whether to keep its promise of keeping borrowing costs at their current near zero levels for a “considerable time.”
Futures for gold with a delivery date in February increased by 0.3% for a price per ounce of $1,198.10 in New York’s Comex to snap a five day losing streak. Holdings under the SPDR Gold Trust, the biggest gold backed exchange traded product, shrank yesterday for the second consecutive day.
Spot silver advanced by 0.3% to a price per ounce of $15.7683. It has fallen by 19% so far this year.
Platinum for immediate delivery increased by 0.4% to $1,203.13 per ounce, while palladium climbed up by 0.5% to $786.50 per ounce.
The material has been provided by InstaForex Company – www.instaforex.com
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