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Gold climbs to above $1,450 for the first time since May 2013

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Metal is up nearly 2% so far this week on tensions in Middle East and Federal Reserve official’s comments on interest rate cut

Gold on Friday surpassed the key $1,450 level for the first time since May 2013, after comments from a top Federal Reserve official bolstered expectations of an interest rate cut, while fresh tensions in the Middle East further supported bullion.

“Depending on how you want to look at Williams’ comments last night, it was an academic report but cutting to the layer of the bait and getting to the meat of the argument, it is dovish,” said Stephen Innes, managing partner at Vanguard Markets. Williams’ remarks sent the dollar to a near two-week low, making gold cheaper for holders of other currencies.

Source: Loan Digest (loandigest.net)

 

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