Comments made by Federal Reserve chairman Jerome Powell following the conclusion of this week’s FOMC meeting have further added to gold’s bullish momentum. The chairman’s comments seemed to suggest that the Feds will begin to pull back on its bond buying program later this year.
This reference to tapering immediately piled pressure on to the US dollar, which was also struggling earlier this week as we reported in our Wednesday bulletin, and saw US. Treasury yields also hemmed in.
The news saw gold trading up £18.89 ($26.40) to £1,306.97 ($1,826.10). This, alongside other favourable factors which we are now seeing converging, puts gold firmly in bull territory with lots of positive momentum.
Buy now to benefit from this renewed upswing as the precious metal now eyes record levels once again.
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