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Reuters reported that the price of gold jumped above $1,650, the highest price since May, on anticipation that the U.S. Federal Reserve will provide monetary stimulus.
Reuters reported that the price of gold jumped above $1,650, the highest price since May, on anticipation that the U.S. Federal Reserve will provide monetary stimulus.
As quoted in the report:
Bullion prices rallied for a sixth straight day, rising above technical resistance of the 150-day and 200-day moving averages. Gold pierced the top end of a near four-month trading range at $1,640 an ounce.
Axel Merk,chief investment officer of Merk Funds, commented:
Given the context of the FOMC minutes in which policymakers are looking to boost growth, whatever tools Bernanke will come up with are likely to be bullish for gold.
