Gold prices moved to a six-week high as minutes of the Federal Reserve’s latest meeting revealed speculation the central bank would hold off raising interest rates until next year. platinum followed suit and extended a rally to the longest in more than a year.
More and more every day analysts are convinced that the Fed will hold off the rate increase in 2015 and move that will be bullish for gold investors.
Gold prices climbed $18.90, or $1.66%, to $1,158.90, which was a six-week high for the precious metal.
However, Fed chair Janet Yellen is still sending signals that the bank will expect to raise rates later this year.
“The Fed comments definitely helped to push gold higher,” Ross Norman, chief executive officer of Sharps Pixley, a London- based precious metals dealer, said by phone. “There is a palpable shift in the mood in the gold market, if we lift another $20, we may make significant headway.
The S&P also 500 posted its best weekly gain of 2015, while the Dow Jones Industrial Average notched its best week since early February.
Other markets:Asian shares rallied in the wake of the Fed minutes and hopes for lower U.S. rates for longer. The Shanghai Composite Index closed up 1.3%, while the Nikkei 225 index gained 1.6%.