Futures Market News
Gold futures continue upward tick after stimulus plan announced
Sep 14, 2012 03:20 PM
The upward drive of gold futures continued on Friday as the yellowish metal achieved its top price in six months one day after the Fed announced it would embark on a third round of quantitative easing, according to Reuters.
One day after rising roughly 2 percent, bullion continued climbing and drove toward the threshold price of $1,800 per troy ounce. Gold futures also benefited this week from stimulus measures in the euro zone where the central bank announced plans to tackle the sovereign debt crisis. The premier of China said the government he leads could capitalize on the large fiscal stability fund.
"When multiple major central banks are coordinating their effort in printing more money and engaging in stimulus measures, that has to be overtly bullish for gold," chief executive Adam Sarhan with Sarhan Capital told the news source.
At 3:16 p.m. on Friday, gold futures climbed 0.11 percent, a $1.90 gain to $1,774 per troy ounce.
MarketWatch reports bullion was heading toward gains of roughly 1.9 percent this week, and it also was propelled by conjecture about the Fed's stimulus plan.
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