GOLD PRICE GOES HIGHER ON FED SPECULATION
The Gold price rose to the highest level in two weeks, mostly based on the view that the United States Federal Reserve will continue their monetary easing. “The consensus is that the Fed will continue with the easing until the growth gains traction,” Chuck Butler, president of EverBank World Markets, said in a telephone interview from St. Louis.
Today in Europe there are signs of a turnaround in the struggling economy. The euro has risen to a 14 month high compared to the U.S. dollar and may continue to gain based on what the Federal Reserve announces after this week’s meeting. “Even though last month's meeting’s minutes showed that Fed governors were divided on whether to continue the QE policy, it is the feeling of most traders that QE will not end during 2013 but rather will continue well beyond that date. If this is the case and the statement from the Fed backs this up, then the pressure on the U.S. dollar will increase,” Matthew Lifson, senior analyst and trader at Cambridge Mercantile Group in Princeton, NJ, said. In the past, this situation has given a boost to Gold as it has done today.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1664.70, Up $9.80.
- Silver, $31.45, Up $0.63.
- Platinum, $1680.50, Up $18.30.
- Palladium, $751.00, Up $9.50.
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