(Kitco News Roundup) – Gold market bulls were snorting for the first time in a long while Thursday as prices rose sharply, hit a nine-week high and closed well above what was key psychological resistance at $1,300.00. Safe-haven buying amid risk aversion in the market place, a slumping U.S. dollar index and strong technical buying were featured Thursday. Buy stop orders were triggered at technical levels to accelerate the advance in gold and silver prices.
Traders and investors on Thursday were still digesting Wednesday afternoon’s Federal Open Market Committee meeting statement and a press conference from Fed Chair Janet Yellen. Most market watchers expected the FOMC announcement that it would continue to taper its monthly bond-buying program, also called quantitative easing, by another $10 billion.
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