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.
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