Gold Futures Climb on Fed View, Resurgent Coronavirus Concerns
- Central bank pledges to keep interest rates lower for longer
- Concerns grow over possibility of second wave virus in U.S.
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Gold futures advanced after the Federal Reserve vowed to hold interest rates lower for longer and investors tracked signs of a resurgence in infections in some U.S. states.
The haven pushed higher after Chairman Jerome Powell said Wednesday the Fed is committed to “do whatever we can, for as long as it takes” to help the economy mend from the coronavirus pandemic. Almost all officials forecast keeping rates near zero through 2022, and the central bank also said it will at least maintain the current rate of bond purchases.