Gold climbs while crude consolidates in New York on Fed’s updates . . . . . . . . . . . Gold today actually jumped the most in 15 weeks as the Federal Reserve said U.S. interest rates will remain low, driving the dollar down and boosting demand for the precious metal safe-haven appeal whereas crude is so far narrow trading after a report showed U.S. inventories shrank and amid concern that violence in Iraq will disrupt supplies from OPEC’s second-largest producer. In fact yesterday the Federal Reserve reduced its outlook for economic growth and held its target for short-term interest rates at almost zero. Plus the Federal Reserve Chairman Janet Yellen said the U.S. economy is rebounding and is continuing to progress towards the central bank’s goals, shortly after the Federal Open Market Committee announced a reduction to its asset purchases program to $35 billion. The Fed Chief said inflation is moving in line with the FOMC’s expectations, adding that recent economic data has been “noisy.” Yellen said that recent economic readings, abstract from the noise are going as estimated. While that the Federal Reserve opted to go on with trimming its asset purchases program, saying economic growth is rebounding and while the labor market is generally gaining strength. Accordingly the gold is so far trading around $1299.35 an ounce recording a high of $1300.65 ounce and a low of $1275.50 an ounce and crude is trading around $105.82 a barrel recording a high of $106.60 a barrel and a low of $105.30 a barrel. #egyptyard
Posted on: Thu, 19 Jun 2014 17:50:15 +0000
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