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.
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