Precious metals jumped today, with gold for immediate delivery rising to the highest level in more than 5 years. Even copper, which failed to log gains yesterday, managed to join the rally today. The reason for the rally was the same as for yesterday’s gains — the unexpectedly strong dovish stance of the Federal Reserve.
While the Fed did not change its monetary policy yesterday, it signaled that interest rate cuts are possible later this year. Precious metals, and gold especially, tend to suffer from higher borrowing costs as they reduce attractiveness of
August futures for delivery of gold jumped 2.68% to $1,384.90 per troy ounce as of 9:58 GMT on COMEX today, climbing 2.8% to $1,386.30 per ounce earlier — the highest level for a most
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