Gold strikes record high after The Recovery Has Stalled
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Gold strikes record high after The Recovery Has Stalled
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Gold jumped to a record high Tuesday after the minutes from the Federal Reserve’s June policy meeting indicated the central bank might be open to more monetary stimulus.
Gold futures for August delivery climbed $13.10, or 0.9%, to a record high of $1,562.30 an ounce. In after-market electronic trading, gold rose as high as $1,574.30 an ounce.
The late-afternoon surge came after the minutes from the Federal Reserve’s June meeting said “a few members” of the bank’s Federal Open Market Committee said the bank “might have to consider providing additional monetary policy stimulus, especially if economic growth remained too slow to meaningfully reduce the unemployment rate in the medium run.”
Gold futures crowned a six-session winning streak with a nominal record Tuesday, overcoming a wobbly start with support from ongoing worries about the euro-zone debt crisis.
Gold for August delivery added $13.10, or 0.9%, to settle at $1,562.30 an ounce on the Comex division of the New York Mercantile Exchange.
That handily supplanted a previous settlement record of $1,557.10 an ounce on May 2. ...read all more
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