Myra P. Saefong and Barbara Kollmeyer
January 29, 2014
Gold futures settled higher on Wednesday as fears of an emerging-market crisis and a sharp decline for equities on Wall Street buoyed the metal’s investment appeal.
But prices in electronic trading were volatile, moving below and then above the Comex closing level following the Federal Reserve’s decision to cut its bond-buying program on Feb. 1 by another $10 billion a month to $65 billion. The move had been widely expected.
Before the Fed news, gold for February delivery rose $11.40, or 0.9%, to settle at $1,262.20 an ounce on the Comex division of the New York Mercantile Exchange. April gold, which is also among the most-active contracts, settled at $1,262.20 an ounce, up $11.70, or 0.9%. Gold futures on Tuesday had marked a second-straight session of losses as improving consumer confidence helped boost equities.