Gold mounts above $1,200 after Fed statement
ecPulse
2014-12-18 14:12PM UTC
Gold prices climbed on Thursday amid widespread volatility in markets after yesterday’s Federal Reserve (Fed) comments regarding interest rates, but are still below $1200. The Fed said in yesterday’s meeting that it would be "patient" before raising rates; guidance which it said is consistent with earlier assurances statement that rates would stay low "for a considerable time." Chairman of the Federal Reserve Janet Yellen said the Fed was unlikely to raise rates for the "next couple of meetings" indicating that a move in April is possible. She also stressed that the statement does not mean any change in monetary policy. Despite the Fed statement, the precious metal is slightly higher after yesterday’s volatility and is expected to remain between gains and losses. Spot gold bounced 0.34% higher at 09:18 GMT, trading around $1199 an ounce, compared with the entry levels 1194.
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