Gold rallies as Fed decision looms

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - Gold advanced sharply on Wednesday reversing early weekly losses as markets attention turns to the Federal Reserve, which is expected to announce a rate hike when it concludes its two-day policy meeting.

    The yellow metal rallied more than $15 to a high of $1,077 an ounce and it was last up 1.21% at $1074.60/oz. However, gold holds near multi-year lows scored earlier this month near $1,045 an ounce as investors were pricing in a rate hike by the Fed.

    Higher interest rates would make precious metals less attractive as they don’t bear interest, while making the US dollar more appealing.
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