| Gold prices saw a boost late last week following the September Federal Open Market Committee meeting, which saw the central bank leave U.S. interest rates unchanged. Despite the metal’s corrective pullback Monday, one research director says gold may be setting itself up for further gains post the Fed decision. December gold futures were last quoted down 0.5% at $1,132.10 an ounce.
In an interview with Kitco News, Mike McGlone of ETF Securities said many bearish factors that have been weighing on the yellow metal may now have disappeared. 'Many of the bearish drivers for gold appear to have shifted or reached extremes including: the record setting stock market rally, overly optimistic Fed tightening expectations, the strong US dollar and the substantial decline in crude oil prices,' he said Monday afternoon...............................................Full Article: Source
|