Money & Company

Tracking the market and economic trends
that shape your finances.

« Previous Post | Money & Company Home | Next Post »

Spot gold surges to $1,760 after Fed announcement

Gold Spot gold surged to $1,759.90 Tuesday after the Federal Reserve said economic growth is “considerably slower.”

The precious metal has reached several highs in recent days, closing at record levels twice last week and at a new high of $1,710.20 an ounce Monday. Standard & Poor's historic downgrade of the U.S. credit rating Friday only fueled the rush into the safe-haven commodity as fears of a double-dip recession intensified.

Gold has been trending upward for nearly 11 years. A year ago, the metal cost $1,200 an ounce.

Earlier Tuesday, the price soared to $1,779 before slumping to $1,720 in the hours before the Fed announcement.

RELATED:

Fed statement: 'Exceptionally low' short-term rates through mid-2013

AA+ U.S. Treasury sees strong demand at debt sale

-- Tiffany Hsu

Photo: Gold cast bars. Credit: Ron D'Raine/Bloomberg

 
Comments  ()

Connect

Recommended on Facebook


Advertisement

In Case You Missed It...

Video




Categories


Archives