Home / TIPS / MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: September 21 – 25

MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: September 21 – 25

MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: September 21 – 25

Gold futures rallied to the strongest level in almost three weeks on Friday, as the Federal Reserve’s decision to keep interest rates unchanged at current levels boosted the appeal of the precious metal.Gold for December delivery on the Comex division of the New York Mercantile Exchange jumped $20.80, or 1.86%, to end the week at $1,137.80 a troy ounce. Prices hit an intraday peak of $1,141.50, the most since September 1.For the week, gold prices rallied $30.30, or 3.14%, snapping a three-week losing streak.The Fed left short-term interest rates unchanged on Thursday, amid concerns over soft inflation and the effects of recent market volatility on the U.S. economy.The central bank said it wanted to see “some further improvement in the labor market,” and be “reasonably confident” that inflation will increase before hiking rates.A delay in raising interest rates is considered bullish for gold, as it decreases the relative cost of holding on to the metal, which doesn’t offer investors any similar guaranteed payout.Gold fell to a five-and-a-half year low of $1,072.30 on July 24 amid speculation the Fed will raise interest rates for the first time since 2006 at some point this year.The timing of a Fed rate hike has been a constant source of debate in the markets in recent months. Investors are now focusing on the next Fed meeting on October 27-28.Also on the Comex, silver futures for December delivery tacked on 17.9 cents, or 1.19%, on Friday to settle at $15.16 a troy ounce by close of trade. On the week, silver futures rose 64.4 cents, or 4.58%, the biggest weekly gain in four months.

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