Gold remains firm as US Federal Reserve hints at gradual tightening of monetary policy
DSIJ Intelligence / 13 Jul 2017
U.S. Federal Reserve head Janet Yellen said that the central bank would only gradually tighten monetary policy; curbing speculation that interest will rise more than once this year.
U.S. Federal Reserve head Janet Yellen said that the central bank would only gradually tighten monetary policy; curbing speculation that interest will rise more than once this year. As a result, gold remained firm on Thursday’s trade.
Spot gold was nearly flat at USD 1,219.06 per ounce at 0050 GMT.
U.S. gold futures for August delivery fell 0.06 % to USD 1,218.30 per ounce.
Fed Chair Janet Yellen said on Wednesday that the US economy is healthy enough for Fed to raise rates and begin winding down its massive bond portfolio, though low inflation and a low neutral rate may leave the central bank with diminished leeway.
Russia's largest gold producer, Polyus is buying an additional 25.1% in Sukhoi Log, one of the world's largest untapped gold deposits, in an all-share deal worth USD145.9 million, the company said on Tuesday.
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