BUSINESS Gold futures jumped 3.57 percent on Fed decision

BUSINESS

Gold futures jumped 3.57 percent on Fed decision

Xinhua

08:37, June 21, 2019

CHICAGO, June 20 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange jumped 3.57 percent on Thursday, mostly on Federal Reserve's decision made in the previous day.

It is the highest level since September 2013. The most active gold contract for August delivery went up 48.1 dollars, or 3.57 percent, to close at 1,396.9 U.S. dollars per ounce.

The Fed held benchmark interest rates unchanged in the statement. However, officials also said that over the last six weeks,  "uncertainties" have increased about the outlook and they shifted away from their prior patient stance.

Gold began climbing higher in electronic trading Wednesday after the Fed's monetary policy statement that followed the gold futures' settlement.

The U.S. dollar index, which measures the buck against six rivals, went down 0.49 percent to 95.65 as of 1730 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.

As for other precious metals, silver for July delivery was up 53.4 cents, or 3.57 percent, to settle at 15.492 dollars per ounce. Platinum for July delivery was down 0.2 dollar, or 0.02 percent, to close at 805.6 dollars per ounce.  


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