Gold Bullion Jumps Before Fed Rate Decision and Durable Goods Plunge

by Adrian Ash
Financial Sense

Gold bullion rose in a tight trading range Wednesday in London, regaining last week’s close of $1325 per ounce after new US data – released before today’s July interest-rate decision from the Federal Reserve – showed orders for fridges, washing machines and other durable goods sinking 4% in June, the worst drop in almost two years.

Major government debt yields fell as stock markets rose with bond prices and the Yen retreated from Tuesday’s spike after Japanese prime minister Abe announced a new stimulus package worth $265 billion.

Gold bullion also rose for Eurozone investors, also reclaiming last week’s finish at €1205 per ounce, but silver rose faster, breaking back above €18 per ounce and also jumping 1.1% against the Dollar to reach $19.89.

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