Gold Breaks Out of Range After Dovish Fed – Further 1% Gain to $1,321/oz
Gold breaks out of range to highest in 8 months after dovish Fed
– Fed keeps benchmark interest rates unchanged (range between 2.25 percent and 2.5 percent), will be ‘patient’ on future hikes and “flexible” on its balance sheet as indebted and vulnerable US economy slows
– Fed decision and statement are very gold positive and strongly suggest that rather than tightening the Fed may be forced to ease monetary policy; further QE is likely in the coming months
– Gold is up 3.4% in January and is set for 4th monthly gain; silver gains 3.8% in January
– Meanwhile White House warns nations not to buy Venezuelan gold as reports of Russian plane landing in Caracas to collect gold
https://news.goldcore.com/ie/gold-blog/gold-breaks-out-of-range-after-dovish-fed-further-1-gain-to-1321-oz/