by pna
Gold futures on the
COMEX division of the
New York Mercantile Exchange rose Thursday, finding support after the U.S. Federal Reserve reiterated its commitment to ultra-easy monetary policy.
The most active gold contract for December delivery gained
11.4 dollars, or
0.67 percent, to settle at
1,713 dollars per ounce.
After the close of regular gold trading Wednesday, the Federal Open Market Committee made no changes to its ultra-easy monetary policy, continuing to express concerns over the trajectory of growth in the American economy as well as weak employment trends, reports say.
According to market analysts, the market was not expecting much from the Fed statement, nonetheless, the commitment to ongoing asset purchases at 40 billion U.S. dollars a month is a supportive factor for gold, and the Fed's decision to maintain its monetary policy helped gold stage a slightly recovery overnight.
Strength in the U.S. dollar tends to weigh on dollar- denominated metal prices, such as gold.
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