Conjecture about the central bank of the U.S. continuing with the implementation of stimulus measures helped drive gold futures higher in value on Tuesday, according to Bloomberg.
As the U.S. Federal Reserve begins two days of meetings on Tuesday, physical demand for the yellowish metal is stronger than decent, currency and metal trading head Bernard Sin with MKS in Geneva told the news source. And optimism abounds with another industry insider regarding bullion and is compatriot metal.
“Those patient, long-term bulls who have held firm in their beliefs and convictions will finally be rewarded as I expect the current extreme negative sentiment to evaporate as they make runs back up to test and finally break their all-time highs of $1920 gold and $50 silver,” senior broker Kurt Pfafflin with Daniels Trading said.
At 12:06 p.m. on Tuesday, gold futures gained 0.38 percent, a $6.34 lift to $1,661.95 per troy ounce. At 12:08 p.m., silver futures gained 1.11 percent, a 34-cent gain to $31.23 per troy ounce.
MarketWatch reports gains for bullion on Tuesday mark the precious metal’s first advances in four trading sessions.
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