Gold continues Fed enhanced Rally

21-03-2017 15:20 PM

AOJ E-NEWS: For the fourth consecutive day, gold prices have closed higher, now trading to a 2 ½ week high. Gold futures today rose roughly 3 dollars to close at $1233 per ounce. This a continuation of the dramatic rise in gold prices witnessed on Wednesday of last week, immediately following the conclusion of this month’s FOMC meeting. For the most part, last week’s dramatic rise in gold prices contained a significant percentage of dollar weakness.

US dollar weakness surface last week as market participants viewed the current stance of the Federal Reserve as much more dovish than anticipated. Inasmuch as an interest rate hike was factored into current pricing, traders and investors wondered what the tone and outlook would be for the Federal Reserve moving forward.

Statements made by Janet Yellen after the conference underlined the fact that the Federal Reserve’s monetary policy will remain, “accommodative”. This statement put market participants at ease about a potentially aggressive posture by the Federal Reserve.

Courtesy: Kitco

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