METALS CONTINUE FALL ON FED’S DOVISH STANCE
Precious Metal prices are moving rapidly and trading lower through morning trading. Since Wednesday’s announcement was made by the U.S. Federal Reserve to officially end the stimulus program that has provided support the economy, metals prices have been retreating. However, even with today’s losses some analyst are positive about the direction of Gold and believe the recent selloff in Gold prices is overdone and demand for the metal has already rebounded. HSBC analyst Patrick Chidley said, “ The most recent economic news points to the need for more monetary stimulus, which could be gold-positive, at least in the long run.”
A day after the Federal Reserve’s recent statement, the U.S. dollar climbed to its highest point in more than three weeks. Although the investors are continuing to take in the dovish tone from the Federal Reserve, upcoming data should also play a factor is Gold’s pricing. Esther Reichelt, currency strategist at Commerzbank said, “ "The positive sentiment is likely to be reinforced by today's third-quarter gross domestic product data. ”
At 12:07 p.m. (ET), the APMEX Precious Metals spot prices were:
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