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Author Topic: Gold Closes $8.7 After Powell Signs End of QE Earlier Than Expected  (Read 455 times)

Guerra Matue

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Gold Closes $8.7 After Powell Signs End of QE Earlier Than Expected

New York gold futures ended lower on Friday (Nov 30) after Federal Reserve Chairman Jerome Powell signaled an earlier-than-expected end to his quantitative easing (QE) bond purchase program.

Gold contract on COMEX (Commodity Exchange) for delivery in Feb. It was down $8.7, or 0.49%, at $1,776.5 an ounce.
Silver metal contract for delivery in December It was down 3.7 cents, or 0.16%, at $22.815 an ounce.
Platinum contract delivered in Jan. It fell $37.2, or 3.86 percent, at $927.3 an ounce.
Palladium contract delivered in March It fell $83.70, or 4.7%, at $1,705.50 an ounce.

Gold contracts weakened after Powell told the Senate Banking Committee last night that The Fed may cut the amount on the QE program by more than $15 billion a month. The Fed will discuss it at its monetary policy meeting on Dec 14-15.

“Right now the economy is very strong. and inflationary pressures have increased So I think the time is right for the Fed to consider ending its bond-buying program several months earlier. We will discuss this at the next meeting.”
Mr Powell said.

However, the gold contract closed down not much. This is because some investors have bought gold as a safe haven asset. After the New York stock market fell heavily. and has revealed poor US economic data.

S&P CoreLogic Case Schiller released the survey results. The nationwide home price index in the United States rose 19.5 percent in September year on year. But it's below 19.8 percent in August and is the first time house prices have slowed year-on-year since May 2020.

A survey by the Conference Board, an economic research institute, showed its consumer confidence index fell to 109.5 in November, below analysts' expectations of 111.0 from 111.6 in October. The consumer confidence index was pressured by rising inflation. and the spread of COVID-19



 

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