Gold Rising as The US Fed Maintains Its Easing Stance

Gold prices rose Thursday April 29th, as the dollar fell after the US Federal Reserve decided to keep interest rates low for the foreseeable future, despite adopting a brighter view of the economic recovery.

And gold rose in immediate trading 0.2% to 1784.26 dollars an ounce. US gold futures rose 0.6% to $ 1784.40 an ounce.

The dollar index fell 0.1% against other major currencies, which strengthens the appetite for gold for holders of other currencies.

On Wednesday, the Fed had said that it was too early to consider withdrawing its emergency support at a time when many workers are still losing their jobs due to the pandemic.

Adding to the appeal of gold is US President Joe Biden’s plan for a comprehensive package of $1.8 trillion for families and education, which he unveiled in his first speeches in Congress.

This gold tends to benefit from large-scale stimulus measures because it is considered a hedge against inflation.

As for the other precious metals, palladium rose 0.7% to $2,947.96 an ounce, after hitting an all-time high of $ 1962.50 on Tuesday.

Platinum rose 0.2% to $ 1221.76, and silver gained 0.8% to $ 26.38 an ounce.