Gold Moves Sharply Higher on Dovish FOMC Statement, Sinking U.S. Dollar Index

Wednesday March 16, 2016 15:07

(Kitco News) - Gold prices are scoring strong gains in afternoon trading Wednesday, in the wake of a dovishly perceived FOMC statement that was released at 2:00 p.m.
EDT. Gold prices were trading near steady just before the FOMC statement, but then rallied moderately in the immediate aftermath of the statement. The U.S. dollar index was trading modestly higher just before the FOMC statement was released, but has sold off sharply in afternoon trading, which has given the gold market a further boost. Fed Chair Janet Yellen's press conference that was still ongoing as of this writing was also deemed to favor the dovish monetary policy camp. April gold was last up $29.20 an ounce at $1,260.30.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

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TIME
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Gold Price at ABCBULLION Foreign exchange rates at CommonWealth Bank Foreign exchange rates at ANZ Bank

Prices By NTGOLD
We Sell	We Buy
37.5g ABC Luong Bar
5,333.50	4,913.50
1oz ABC Bullion Cast Bar
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100g ABC Bullion Bar
14,205.60	12,905.60
1kg ABC Bullion Silver
1,728.40	1,378.40