Gold rose on Friday to notch its second weekly gain after many investors were soothed by the Federal Reserve’s assurance this week that it will be careful in tapering its economic stimulus, although some braced for another decline in bullion.
Gold emerged as an alternative to the softer dollar and US stocks, which retreated on Friday from record highs.
The spot price of bullion hovered near $1,295 an ounce by 3:00 p.m. EDT (1900 GMT), up 0.8 percent on both the session and the week.
US gold futures for August delivery settled at $1,292.90 an ounce, up 0.7 percent on the day and 1.3 percent on the week.
On Wednesday, gold tumbled about 1 percent after Fed Chairman Ben Bernanke reiterated the US central bank’s intent to scale back later in the year its $85 billion in monthly bond purchases, a program that has fueled precious metal price gains.
The Fed’s ultra-loose monetary policy has retained pressure on long-term interest rates while its stimulus has added to fears of inflation, stoking gold prices.
courtesy of thenews.com.pk
Gold emerged as an alternative to the softer dollar and US stocks, which retreated on Friday from record highs.
The spot price of bullion hovered near $1,295 an ounce by 3:00 p.m. EDT (1900 GMT), up 0.8 percent on both the session and the week.
US gold futures for August delivery settled at $1,292.90 an ounce, up 0.7 percent on the day and 1.3 percent on the week.
On Wednesday, gold tumbled about 1 percent after Fed Chairman Ben Bernanke reiterated the US central bank’s intent to scale back later in the year its $85 billion in monthly bond purchases, a program that has fueled precious metal price gains.
The Fed’s ultra-loose monetary policy has retained pressure on long-term interest rates while its stimulus has added to fears of inflation, stoking gold prices.
courtesy of thenews.com.pk
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