Spot gold jumps nearly 2 per cent after US Fed signals cautiousness

Gold jumped nearly 2 per cent on Tuesday after comments from US Federal Reserve Chair Janet Yellen indicated the central bank’s cautiousness in raising interest rates.

Gold is highly sensitive to US monetary policy, as rising interest rates lift the opportunity cost of holding non-yielding bullion, while boosting the dollar. The metal slid 3 per cent last week after hawkish comments from a series of Fed officials.

Spot gold rose 1.8 per cent to $1,242.60 an ounce by 2:46 p.m. EDT (1846 GMT), recovering from Monday’s one-month low of $1,208.15. US gold futures for April delivery settled up 1.3 per cent or up $15.70 an ounce at $1,235.80.

In other precious metals, silver was up 0.7 per cent at $15.327 an ounce, platinum was up 2.2 per cent at $962.99 an ounce and palladium was up 1.7 per cent at $577 an ounce.

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Posted in: Indian Market Tips