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Gold price up ahead of US Fed announcement
29th June 2011
The gold price shot up yesterday as investors sought a safe haven following the turbulent performances of paper currencies.
Gold trading experts added to the metal's positive performance in recent days as many grew tired of the fluctuations that have hit the euro and dollar after concerns about the Greek and US economies.
Whilst the situation in Europe has cooled in the last day or two, the gold price continued its progression due to the policy meeting of the US Federal Reserve which was held yesterday.
Following it, Fed chairman Ben Bernanke reaffirmed the central bank's pledge to hold interest rates as they are, which will do little to help the struggling dollar in the short-term.
As of 0700 GMT this morning, the gold price sits at $1,546 per metric ton.
Gold trading experts added to the metal's positive performance in recent days as many grew tired of the fluctuations that have hit the euro and dollar after concerns about the Greek and US economies.
Whilst the situation in Europe has cooled in the last day or two, the gold price continued its progression due to the policy meeting of the US Federal Reserve which was held yesterday.
Following it, Fed chairman Ben Bernanke reaffirmed the central bank's pledge to hold interest rates as they are, which will do little to help the struggling dollar in the short-term.
As of 0700 GMT this morning, the gold price sits at $1,546 per metric ton.
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