P.M. Kitco Metals Roundup: Gold Sees Modest Uptick Following Fed's Beige Book
(Kitco News) - Gold futures prices were trading modestly higher in the aftermath of Wednesday afternoon’s release of the Federal Reserve’s “beige” book. The bulls were relieved there were no hints in the report that the U.S. central bank might be putting the brakes on its present path of aggressive monetary policy stimulus. Short covering and some bargain hunting were featured in gold and silver late in the day Wednesday. Most of the day gold prices had not strayed too far from unchanged price levels as traders are looking for fresh news to drive the market. The gold and silver market bears still possess the firm near-term technical advantage, which continues to keep speculative buying interest squelched. April Comex gold last traded up $3.70 at $1,578.60 an ounce. Spot gold was last quoted up $3.90 at $1,580.25. May Comex silver last traded up $0.276 at $28.88 an ounce.