Gold Futures Score a 2-Week High as Fed Inaction Fuels Bulls

Gold posts gains for a third-straight session

by Myra P. Saefong and Barbara Kollmeyer
Market Watch

Gold futures settled at their highest level in two weeks Thursday, buoyed by a Federal Reserve policy statement that investors believe shows the central bank’s reluctance to raise rates too quickly.

Gold for December delivery rose $6.70, or 0.5%, to settle at $1,341.20 an ounce—the highest close for a most-active contract since July 13, according to FactSet data.

The contract had also rallied in electronic trade late Wednesday as many gold investors saw the Fed as dovish, even if it left a September interest-rate increase on the table. To some traders, the central bank’s statement emphasized a reluctance to lift rates too quickly, in the wake of the U.K.’s decision to exit the European Union. Uncertainty in the aftermath of the so-called Brexit vote has been supportive for gold futures.

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