Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped a dime to close the regular session below $1,800 as markets awaited the conclusion of the Federal Reserve's two-day meeting. The metal then jumped nearly $10 to just under $1,809 in electronic trading after the central bank confirmed that its easy money policies will remain unchanged for now.

In its post-meeting statement, the Fed said the economy has "made progress" toward its twin goals of price stability and full employment, but not enough to begin withdrawing its massive stimulus measures. The bond-buying program known as quantitative easing will continue at $120 billion per month and interest rates will remain near zero.

Fed Chair Jerome Powell, speaking to the press, admitted that the inflationary spike of recent months took the committee by surprise. But he repeated his mantra that higher prices are transitory, driven by choked supply chains, and likely to fall in the medium term.

The dollar fell 0.3% against major rivals on the Fed's dovish stand, lifting gold and other commodities priced in it for global l trade by making them less expensive in other currencies.

Benchmark 10-year Treasury yields also edged slightly lower, supporting gold by reducing the opportunity cost for holding it instead of bonds as a safe-haven asset.

The other precious metals were also higher. Silver added 0.9% and then another 0.5% after the Fed. Platinum went climbed from gains of 0.8% to 1.5%, while palladium held its session rise of 0.6%.

At the Comex close: August gold dipped 10 cents to $1,799.70; September silver added 23 cents, to $24.88; October platinum gained $8.60 to $1,058.10; and September palladium climbed $15.90 to $2,622.60 an ounce.