Gold rises as investors continue digesting FOMC meeting minutes

0 Comment(s)Print E-mail Xinhua, October 15, 2021
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CHICAGO, Oct. 14 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as investors continue digesting minutes of the September Federal Open Market Committee (FOMC) meeting.

The most active gold contract for December delivery rose 3.2 U.S. dollars, or 0.18 percent, to close at 1,797.9 dollars per ounce.

Minutes of the September FOMC meeting released after the market's close on Wednesday showed the Federal Reserve's tapering may begin in mid-November or mid-December at a pace of assets purchase reduction by 15 billion dollars per month.

U.S. Labor Department reported on Thursday that the producer price index for final demand in September rose 0.5 percent from the prior month and 8.6 percent from a year earlier. Excluding volatile food and energy components, the so-called core PPI rose 0.2 percent, the smallest advance this year, and was up 6.8 percent from a year ago.

U.S. Department of Labor reported on Thursday that U.S. initial jobless claims dropped 36,000 to a seasonally adjusted 293,000 for the week ended Oct. 9, the lowest level since mid-March 2020. The figure capped gold growth somewhat.

Silver for December delivery rose 30.7 cents, or 1.32 percent, to close at 23.477 dollars per ounce. Platinum for January delivery rose 28.1 dollars, or 2.74 percent, to close at 1,052.3 dollars per ounce. Enditem

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