Gold Rises After Fed Decisions

Gold prices rose during trading Thursday, after the decisions of the Federal Reserve, and amid the decline of the US dollar from its highest level in three weeks.

The Federal Reserve decided to reduce its bond purchases by $30 billion per month, starting next January, instead of the previously announced $15 billion cut.

The bank raised its forecast for the growth of the US economy in 2022 from 3.8% to 4%, while raising its forecast for inflation this year from 4.2% to 5.3%.

In terms of trading, gold futures contracts for February delivery rose 1.2%, or about $21, at $1,785.50 an ounce; Today’s trading, the spot price of the yellow metal rose 0.4% to $1,783.90 an ounce.

And silver futures contracts for March delivery rose 3.1% to $22.22 an ounce.

Meanwhile, the spot price for platinum delivery rose 0.7% to $926.73 an ounce, and the spot price of palladium rose by 3.8%, recording $1,662.50 an ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, fell 0.1% at 96.402 points.

The US will release last week’s jobless claims data later today, and expectations are for 196K.