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Gold Rallies as Fed’s QE Remains in Place

May 2, 2013 at 1:31 by Vladimir Vyun

Gold rallied today after the Federal Reserve maintained quantitative easing. The US central bank even said that it may increase monetary stimulus “as the outlook for the labor market or inflation changes”. The decision weakened the dollar, bringing gold prices higher.

The recent huge drop of the metal left traders worried even as gold was rallying after the decline. Analysts speculated that the precious metal has lost its appeal as a store of value. There are still plenty of bulls, but they are more cautious and do not expect the metal to reach new highs anytime soon.

June futures for delivery of gold advanced $8 (0.55 percent) to $1,454.20 per troy ounce as of 1:28 GMT on COMEX today.

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