Million Dollar Question: It's All About The Fed Next Week For Gold - September 14, 2013Submitted by Diamond Dog on Sat, 09/14/2013 - 01:08
(Kitco News) - Gold and other financial markets will watch the outcome of next week’s two-day Federal Reserve meeting to see if the Fed finally starts to reduce the stimulus program it has had in place for the past several years.
Gold prices fell sharply this week in part on the idea that after the conclusion of the Federal Open Market Committee meeting Tuesday and Wednesday, the Fed will announce some sort of tapering of its bond-buying program known as quantitative easing. The Fed embarked on the program to stimulate the economy, and gold prices benefitted from the ultra-loose monetary policy.
December gold futures fell Friday, settling at $1,308.60 an ounce on the Comex division of the New York Mercantile Exchange, down 5.6% on the week. December silver fell Friday, settling at $21.720 an ounce, down 9% on the week.