Gold Rises to $1,317.94 Following Summers’ Withdrawal From Fed Race

Gold prices hit $1,317.94 an ounce Sept. 16 after falling $18.31 to a session low of $1,307.60 an ounce earlier. Reuters reported gold prices were impacted today by the expectation the US Federal Reserve will begin trimming its stimulus program this month. Lawrence Summers pulled out of the running to lead the Fed, which also impacted gold prices.

Gold futures for December delivery were up $11.20 to $1,319.80 an ounce on the COMEX in New York, MarketWatch reported. Futures prices hit a high of $1,330 an ounce earlier in the session.

Summers was expected to end the stimulus program quicker. According to MarketWatch, news he withdrew from the pool of candidates to run the central bank caused the dollar to fall, which boosted gold prices.