Tue, 20 Oct 2020

Gold up on Fed statement

Xinhua
17 Sep 2020, 05:18 GMT+10

CHICAGO, Sept. 16 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as traders positioned themselves ahead of the U.S. Federal Reserve's statement due after the market's close.

The most active gold contract for December delivery rose 4.3 U.S. dollars, or 0.22 percent, to close at 1,970.5 dollars per ounce.

The Federal Reserve's statement after the market close was just as market expectations, which indicates that the Fed plans to keep key interest rates near zero through 2023 to help U.S. economy. Gold continued to rise in electronic trade after the release of the statement.

Gold found additional support in a report released by the U.S. government.

The Department of Commerce report showed that the retail sales increased by 0.6 percent in August, worse than expected. The figure is also lower than in July, showing a slowdown of growth.

Rising stock market indexes worldwide and a stronger dollar capped gold's growth.

Silver for December delivery rose 1.2 cents, or 0.04 percent, to close at 27.476 dollars per ounce. Platinum for October delivery fell 8.7 dollars, or 0.89 percent, to close at 973.5 dollars per ounce.

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