Gold jump two-week high in Asia as Fed shows no hurry to hike rates

Gold jump two-week high in Asia as Fed shows no hurry to hike rates

In a statement following their policy meeting on Wednesday, the Fed lowered its forecast on growth and inflation and slashed its interest rate. Image Source: http://abcn.ws/1x46z8d

Gold quoted to a high of two weeks in Asia on Thursday after the Federal Reserve said an extensively expected increase in interest rates this year may not come in the first half.

US Fed’s Chair Yellen move to remove the word ‘patient’ from its rate outlook statement and moving the goalpost for raising interest rates further has seen as an immediate positive by traders to cut their short positions in gold. Shortly after the statement yesterday the Federal Reserve gold was recovered.

On comex, gold futures for April delivery rose 1.69% to trade at $1,170.70 a troy ounce. A day earlier, gold stuck to $ 3.10, or 0.27%, to close at $ 1151.30.

In a statement following their policy meeting on Wednesday, the Fed lowered its forecast on growth and inflation and slashed its interest rate.

Chairman of the Federal Reserve Janet Yellen said that although the Fed has not decided on when to a rate hike is possible that there could come at any meeting of the Federal Open Market Committee this year after the FOMC concludes its next meeting in April.

Yellen recalled that the Fed is keeping a close watch on global markets as it decides how soon it will wait before hike rates.

Gold prices increased in futures trading today on the Multi Commodity Exchange as speculators enlarged positions amid a better trend overseas. Gold for delivery in June rose by Rs 40, or 0.15%, to Rs 25,796 per 10 grams.

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