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Gold & Silver Gain After Yellen’s Testimony

February 25, 2015 at 22:59 by Vladimir Vyun

Gold and silver rallied today on speculations that the Federal Reserve is not going to raise interest rates over the next several months. Platinum and palladium did not join in the rally.

Fed Chairwoman Janet Yellen was testifying yesterday and today. Yesterday’s speech was considered to be dovish by market analysts and today’s one was not different. It looks like the US central bank will not change its monetary policy during the next few meetings. While many experts think that the Fed will start to tighten policy in the middle of the year, others believe that monetary tightening will not begin till the fourth quarter.

The potential interest rate hike is a negative factor for precious metals. Therefore, it is not a surprise that bullion gained on the signs that the hike will be delayed.

April futures for gold added 0.53 percent to their value to trade at $1,203.70 per troy ounce as of 22:52 GMT on COMEX today. May silver went up as much as 1.98 percent to $16.56 per ounce. Meanwhile, spot price for platinum fell 0.09 percent to $1,170.50 per ounce, and price for palladium ticked down 0.05 percent to $808.15 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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