Gold Rises Further Following Fed, PPI
Source: MarketWatch, Nick Godt (3/17/10)
"World markets have been boosted by the Federal Reserve and Bank of Japan's soothing words. . ."
"World markets have been boosted by the Federal Reserve and Bank of Japan's soothing words and policies continuing. . .cheap money policies," said Mark O'Byrne, analyst at GoldCore in emailed comments.
Gold for April delivery was up $2, or 0.1%, at $1,123.80 an ounce in electronic trading.
The precious metal rose even as the dollar came off lows. The Dollar index (DXY), which measures the U.S. unit against a basket of six major currencies, recently gained 0.1%.
Keeping a lid on the dollar, U.S. wholesale inflation fell a bigger-than-expected 0.6% in February.
Also lifting the precious metal, crude-oil futures rose well above $82 a barrel as the OPEC cartel, meeting in Vienna, kept its production quota unchanged.
On Tuesday, gold gained 1.5% as the Fed's decision and as Standard & Poor's affirmed Greece's sovereign rating pressured the dollar.