LONDON / NEW YORK (Reuters) – gold jump above $ 1,200 an ounce on Thursday, its biggest increase for one day in almost a month with the US dollar falling after the Federal Reserve indicated that interest rates in the United States may rise at a slower pace than expected Many.
And the rise of a strong push to the market in early trading silver to their highest level in two weeks, although buying in platinum and palladium lost momentum in late afternoon trading.
The Bank analyst Ole Hansen, Saxo “This is all about Federal Reserve and declining expectations for higher interest.”
The makers of monetary policy of the Central Bank of the US on Wednesday to raise interest rates from their current level near zero would be appropriate only after it shows further improvement in the labor market.
And precious metals came under pressure this year from expectations that US interest rates will rise soon for the first time in about ten years.
And precious metals benefited strongly in the past few years from a record low US interest rates, which reduced the potential cost to retain the assets do not generate revenue and restricted the movements of the dollar.
The price of gold rose 1.4 percent in the spot transactions to $ 1202.50 an ounce in late trading in New York futures market, while US gold August delivery rose 2.1 percent to a record settlement of $ 1202 when an ounce, the highest level in about four weeks.
The price of silver has increased 0.41 percent to 16.23 dollars an ounce, while platinum fell 0.05 percent to $ 1088.50 an ounce and palladium dropped 0.5 percent to $ 724.50 an ounce