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Gold inches up as Fed officials downplay stimulus wind-down

Discussion in 'Trading Strategies & Systems' started by harreymartin, Jun 25, 2013.

  1. harreymartin

    harreymartin New Member

    Jun 11, 2013
    Likes Received:
    Spot gold rose 0.2 percent to $1,283.55 an ounce by 0018 GMT. It fell around 1 percent on Monday

    Gold edged higher on Tuesday as the dollar weakened after two top Federal Reserve officials downplayed an imminent end to monetary stimulus.

    Bullion is still down more than 7 percent since the start of last week due to worries over an early end to the Fed's USD 85 billion monthly bond purchases and a cash crunch in China.


    * Spot gold rose 0.2 percent to USD 1,283.55 an ounce by 0018 GMT. It fell around 1 percent on Monday, extending last week's 7 percent slide as fears of a cash crunch in China spooked investors, and a slide in US equities prompted bullion selling to cover margin calls.

    * Comex gold rose USD 6 to $1,283.10.

    * Last Wednesday, Federal Reserve Chairman Ben Bernanke gave his most explicit signal yet that the US central bank was considering scaling back its USD 85 billion per month of Treasuries and mortgage-backed debt purchases.

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