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- Gold recovers after three-day decline
Gold recovers after three-day decline
The price of gold at auction on Thursday adjusted upwards after a significant drop the previous day, accompanied by decreasing investor confidence in the Fed's intention to hold a third round of the U.S. stimulate the national economy.
Investors' confidence in the new round of quantitative easing policy (QE3) in the U.S. fell after the publication on Tuesday of the next decision on monetary policy committee of the Federal Open Market U.S. Federal Reserve.
The regulator upheld the base interest rate - at a record low in 0,0-0,25% - and kept the volume of assets being bought from the market as part of Operation Twist at $ 400 billion. At the same time, in its statement the Fed said that the outlook for the U.S. economy improves - so, automatically reduces the need to launch a new program of QE.
Reducing the likelihood of another round of stimulus, and also reduces the risk of inflation - as the QE program conducted by the printing press - which adversely affects the dynamics of gold as a safe haven asset.
April futures price of gold on COMEX today rose to $ 1651.9 an ounce.
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