Tuesday, December 11, 2007
Precious metals gain ahead of Fed rate decision
Story link: Precious metals gain ahead of Fed rate decision
by Elaine Frei
by Elaine Frei
Precious metals prices were higher in New York on Tuesday ahead of the Federal Reserve’s decision to cut US interest rates by a quarter of a point to 4.25 percent, which was announced after the close of floor trade.
Prices rose on the theory that the rate cut will hurt the value of the US dollar, making gold and silver more attractive as investments.
Gains in crude oil prices during the day also helped precious metals prices rise on the session.
February gold added $3.60 to $817.10 per troy ounce on the Comex division of the New York Mercantile Exchange.
March silver, meanwhile, added 2 cents to $14.87 per troy ounce while January platinum was up $1 to $1,467.30 per troy ounce.
Add to Bookmarks:
Related posts to: Precious metals gain ahead of Fed rate decision
Copper, lead prices drop on growing inventories ...
Precious metals gain as base metals see mixed results ...
Gold gains after Fed cuts interest rate ...
Precious metals gain; copper prices decline ...
Gold up $6 ahead of Fed meeting ...
Latest Metals News:
US pending home sales data helps copper prices Positive data chases gold prices lower Gold gains on search for safetey ahead of economic data Gold gains as US dollar weakens Gold prices fall on US jobs news US durable goods orders, new home sales drive metals price moves Gold gains, copper drops on US home sales data Copper prices fall on economic, demand concerns US unemployment numbers hurt copper prices Copper prices gain on more inventory declinesPrevious: « UBS expects weakening of base markets in 2008
Next: LME copper inventories up 90 percent since July »
Visited 732 times, 1 so far today