Kitco News: Dovish Fed Tone Gives Gold a Solid Boost

August 16, 2017 - 4:31pm

 by Gary Wagner

Gold prices managed to move into positive territory Wednesday afternoon following the U.S. Federal Reserve's July meeting, which had a dovish tone. December gold rose $3.20 to settle at $1,282.90 an ounce. The rally comes after the metal came close to hitting the key psychological level of $1,300 last. ‘The minutes were extremely dovish...

it now seems highly unlikely we will see a rate hike this year,’ Gary Wagner, editor of The Gold Forecast, said in an interview with Kitco News. ‘The Fed minutes are more of a long-standing market mover, it is not just a flash-in-pan and we should see gold stabilize,’ Wagner said. 'The metal was also getting a boost following the wave of resignations by CEOs from President Donald Trump’s business council.

Wagner said that $1,300 is still his key level to beat, ‘If [gold] does break above $1,300, we can see it hit $1,317 - $1,320,’ he added.