Gold, Silver Jump as Fed Keeps Rates Low
Gold and silver futures rose Thursday, a day after the Federal Reserve said it saw no immediate end to its low-interest-rate policy.
Gold for August delivery rose $41.40, or 3.3 percent, to $1,314 an ounce. Silver for July delivery rose 87 cents, or 4.4 percent, to $20.65 an ounce.
On Wednesday, the Fed said it would keep interest rates low for some time to help the U.S. economy recover. That helped keep the dollar lower, giving investors an incentive to buy precious metals. The Fed news came out after the close of regular metals trading on Wednesday afternoon.
Platinum and palladium futures also rose.
July platinum rose $23.70, or 1.6 percent, to $1,474.50 an ounce; and September palladium rose $15.95, or 1.9 percent, to $838.60 an ounce.
July copper rose two cents, or 0.6 percent, to $3.08 a pound.
In agricultural contracts, wheat rose 7 cents, or 1.1 percent, to $5.94 a bushel; corn rose 9 cents, or 2 percent, to $4.51 a bushel; and soybeans rose 12 cents, or 0.8 percent, to $14.21 a bushel.
This article appeared in print in edition of Hamodia.
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