Gold Posts Second Straight Gain, Extends Climb After FOMC Minutes
Thursday, 21 May 2020 02:36 WIB | PRECIOUS METALS |GOLDEMAS

Gold prices settled higher Wednesday for a second session, as economic stimulus measures boosted demand for the precious metal against the backdrop of economies attempting to reopen from the COVID-19 pandemic.

Futures prices for the metal then extended the gains from the settlement after minutes from the Federal Open Market Committee™s April meeting showed that Fed officials discussed being more explicit about the future path of interest rates. The Fed™s benchmark interest rate stands in a range from 0 to 0.25%, but negative interest rates would be a boon for precious metals.

Gold for June delivery on Comex rose $6.50, or 0.4%, to settle at $1,752.10 an ounce. Prices were at $1,754.40 in electronic trading shortly after the FOMC minutes, which were released following the futures price settlement.

Meanwhile, July silver rose 13 cents, or 0.7%, to finish Wednesday at $18.031 an ounce, trading up 5.6% week to date, according to FactSet data, based on the most-active contract.

Source : Marketwatch

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