Gold gains after Fed cuts interest rate
by Elaine Frei
The price of gold was off $4.50 to $926.30 per troy ounce at the close of floor trade in New York on Wednesday, but after the Federal Reserve announced that it had decided to cut interest rates another half of a percentage point to 3 percent April gold rose to a gain of $4.70 over Tuesday’s close to $935.50 per troy ounce.
Silver also gained after the decision, going from 4 cents lower on the session to $16.76 per troy ounce at the close of floor trade to 10 cents higher at $16.90 per troy ounce.
Copper was higher after the Fed’s decision, but remained lower on the session by 3 cents over Tuesday’s close to $3.26 per pound as investors still worried about the effect that declines in home construction will have on demand and about a new Commerce Department report that showed the US economy only grew by 0.6 percent in the fourth quarter of 2007.
Before the close of floor trade, April platinum was down $34.50 on the day to $1,687.40 per troy ounce.
Add to Bookmarks:
Related posts to: Gold gains after Fed cuts interest rate
Gold gains on euro strength over dollar ...
Gold gains on inflation concerns ...
Precious metals gain on session ...
Gold gains on rate speculation ...
Metals prices lower on disappointment with Fed rate cut ...
Latest Metals News:
Copper losses pull other metals prices lower Xstrata increases stake in Indophil BHP fatality closes Australian iron ore mines Palladium gains as other precious metals see declines EU halts investigations into BHP’s bid for Rio Aluminium falls amid gains for other base metals Lomin rejects Xstrata bid but leaves door ajar Metals drop with crude oil prices Antofagasta forges ahead despite rising costs Copper prices lower on jump in inventoriesPrevious: « Russia’s gold miners seek to expand
Next: Cortona discovers broad, high-grade gold »
Visited 516 times, 9 so far today