Gold News & Info

Source: Bloomberg

New York— Gold advanced as the dollar slipped before a Federal Reserve statement on interest rates and the economy, boosting the appeal of precious metals as alternative assets. Silver gained, while platinum and palladium declined. The dollar fell as much as 0.5 percent against a basket of six major currencies as Fed policy makers prepared to comment later today. The central bank won�t change its target interest rates, according to 47 economists surveyed by Bloomberg. Bullion typically gains when the dollar falls.

�I�m looking at position-squaring� before the Fed policy makers� statement, Al Abaroa, a senior commodities strategist at OptionsPro Corp. in Plantation, Florida, said by e-mail. �The thought of a rate change is muted but underscored by policy shifts. The implications could be important on the dollar.� Gold futures for December delivery rose $1.90, or 0.2 percent, to $949.50 an ounce at 11:32 a.m. on the New York Mercantile Exchange�s Comex division. Earlier, the price slid as much as 0.6 percent. Bullion for immediate delivery in London advanced $1.43, or 0.1 percent, to $947.53 an ounce, halting the longest slide in five months. The spot price dropped 2.2 percent in the past five sessions. See full story.