Gold Prices Rally to 2-Week High As Stocks Rally; Fed Holds Rates

Gold Prices Rally to 2-Week High As Stocks Rally; Fed Holds Rates

Gold futures prices extended overnight gains on Thursday, touching a fresh 2-week peak as the U.S. dollar sold off after the Federal Reserve held off on raising interest rates and rise in the opting for riskier assets like equities.

Gold for December delivery on the Comex Exchange jumped to an intraday peak of $1,342.05 a troy ounce.

Spot gold was down 0.3 percent at $1,332.80 an ounce.

The Fed left the interest rates with no change in the conclusion of its policy meeting on Wednesday, but intimated that a hike could come in December, if the labor market continued to improve.

At the same time, the US central bank also reduced the number of rate increases that expects the next year and in 2018, based on the median projection of the estimates with its post-meeting statement.

The Fed has scheduled political meetings in early November and mid-December. Economists believe that the politicians could be prevented a rate hike in November, partly because the meeting falls just days away before the US presidential election.

Ongoing strength of equities could also hurt the prospects for gold, analysts added.

Asian stock markets rose on Thursday, following the example of Wall Street, slugging the dollar and the rise of most commodity prices.

Holdings of SPDR Gold Trust, rose 0.60 percent to 944.39 tonnes on Wednesday.

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Posted in Commodity, MCX, Stocks Market

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