Gold and Silver Price Update- Precious Metals Continue Their Increasing Streak
Gold advanced to USD $ 1556.40 an ounce, as the Fed’s continuing policy of maintaining record low levels of interest rates depreciated the Greenback even more. With the Dollar Index falling for a ninth consecutive day, more investors are rushing towards investing in the precious metal, since the depreciation of the dollar is reducing the gains made in dollar denominated assets. With the Fed announcing its plans of not raising the interest rates anytime soon, the attractiveness of gold will increase, leading to a further possible increase in its price.
Silver future rose by 2.23 percent to USD $ 48.59 an ounce. The rise in silver is due to increased speculative behavior which is linked with the advances made by gold.