NY June 28, Gold futures closed with a nearly $6-an-ounce gain
Thursday, with a weaker dollar and strong oil prices
helping the market break a three-session losing streak
that's driven prices lower by nearly 2%.
Prices extended their gains into the electronic trading
session late Thursday following a decision by the
Federal Reserve to keep interest rates unchanged at 5.25%.
The COMEX August gold contract gained $5.60 to close
at $650.40.
In electronic trading shortly after the Fed announcement,
the contract moved a bit higher to stand at $651.20 an ounce.
The contract closed at $644.80 on Wednesday, its lowest
level since mid-January, after tallying a loss of $12.20
in three sessions.
After regular trading for gold futures closed Thursday,
the Federal Reserve chose to hold its target for the
key federal funds interest rates steady at 5.25%.
The Fed isn't convinced that core inflation has dropped
back into its target range for good, the central bankster said
at the end of its two-day meeting.
"I don't think today's decision gave the market a
clearer picture of what's happening," said Thomas Hartmann,
an analyst at Altavest Worldwide Trading.
"Key to this month's statement is that the Committee's
predominant concern is that inflation will fail to moderate
as previously expected," he said in e-mailed comments.
"While higher inflation sometimes spurs the advance of
the precious metals, the metals markets seem to be
more concerned about economic growth.
On that, the Fed sees continued moderate growth."
Meanwhile, gold prices likely garnered some support from
a rally in crude-oil futures, which climbed past $70
for the first time since September.
Earlier Thursday, gold prices had climbed on "bargain
hunting and physical buying after the sell-off earlier
in the week," said analysts at Action Economics
investorshub.com
Second wave LT trend started - of the 5-wave Elliott pattern -
NXG is undervalued - oversold -
strategic bargain bottom fishing -
btw.
DEBKAfile’s military sources report Washington is considering
deploying the fourth US carrier for the region in the Red Sea
opposite Saudi Arabian western coast to secure the three
US carriers in the Gulf from the rear as well as
the Gulf of Aqaba and Suez Canal.
investorshub.com
What do you think about higher Gold - energy prices?
Imo. Tia. |
