Gold Prices Soar for the First Time in Four Sessions, Silver, Platinum Advance

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 Gold Prices Soar for the First Time in Four Sessions, Silver, Platinum Advance

Gold futures regained some of what they shed in three straight sessions of losses, then rose further in digital trading after minutes of the US Federal Reserve in June were made public.

August-delivery gold added $7.80 or 0.6% to exchange at $1,324.30 per ounce on the Comex in the New York Mercantile Exchange. Prices of the precious metal had cumulatively lost $14 per ounce or 1.1% within the previous three sessions.

Minutes from the last meeting of the Fed were published after regular metal exchange on Comex closed on Wednesday. Gold for August-delivery touched $1,325.70 in electronic trading less than 30 minutes after the Fed minutes release.

According to Bloomberg, spot gold traded at $1,324.54 per ounce as of 2:03 pm after adding 0.4%.

The published minutes showed the Fed’s policy-making committee decided to halt the bond purchase program in October if economic growth remain on track.

Fed officials also determined that the interest rate on excess reserves would play a central role in hiking rates at the appropriate time.

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“No one expected to hear anything new, and [it] looks like the Fed said nothing new. The asset purchase program is in process of being wound down. The Fed just put a possible end date on it. If not October, it would have been November,” he said. “Moreover, the Fed’s words are conditional,” Vedant Mimani of Atyant Capital Global Opportunities Fund is quoted by MarketWatch as saying.

Silver for the September delivery increased 5.5 cents or 0.3% to trade at $21.07 per ounce at the close of the regular Comex session.

October platinum soared $10.40 or 0.7% to $1,506.90 per ounce. Palladium for September settlement reversed 20 cents to $872.70 per ounce.

Stocks of firms involved in mining of gold and silver soared in afternoon trading, with the Philadelphia Gold and Silver Index increasing 1.7%.

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To contact the reporter of this story; Jonathan Millet at john@forexminute.com