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Gold price rate per ounce today fell and this is surprising given the fact that, as expected, the dollar was subject to devaluation due to the Federal Reserve’s policy statement. Silver was subject to the lower trending today as well. The current Fed verdict is in and the policy report revealed that the Federal Reserve will purchase $600 billion in Treasury bonds. The purchase will be phased in over time at approximately $75 billion a month. The phase in period will be between now and June 30th 2011. This move will keep interest rates lower for the long term. With this news, the dollar fell today against the euro, the British pound and gained against the Japanese yen. Still trends pushed commodity prices lower. Gold settled down today at $1,337.60 an ounce and silver fell to $24.44 and ounce. Specifically, gold for December delivery fell $19.30 today and settled at $1,337.60 an ounce. The Fed’s announcement of detailed quantitative easing is expected to weaken the greenback further and as historical data will show, commodities often rise as a result. Copper was in the red today as well though at $3.78 per ounce and Platinum was trending red at end of day close also. Platinum’s end of day close trade price was $1,697.20. Author: Camillo Zucari
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