Gold Rises as Investors Watch Fed

Gold for July delivery rose 1.3% last week to $1,337 a troy ounce
Gold Rises as Investors Watch Fed

Image Credits: austinevan / Flickr

by Ira Iosebashvili | The Wall Street Journal | July 14, 2014


Gold prices are rising as investors bet that the U.S. Federal Reserve will keep rates at rock-bottom levels, even as the U.S. economy shows signs of improvement.

Gold for July delivery rose 1.3% last week to $1,337 a troy ounce on the Comex division of the New York Mercantile Exchange. It was the sixth weekly gain, the longest such streak since August 2011, when prices were pushing toward $1,900 an ounce.

The rally has been spurred by the Federal Reserve’s commitment to keep interest rates near zero for as long as possible, as it tries to fuel a recovery that appears to have gained traction only recently. Higher interest rates tend to hurt prices for gold, which yields nothing and can cost money to hold.

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