Gold Reaches Six-Month High After Fed Move, Rally Slows

Source: Reuters, Eric Onstad (9/14/12)

"Some analysts expected the market now to take a breather before tackling further milestones."

Reuters, Eric Onstad

Gold hit a six-month high on Friday, extending gains after the U.S. Federal Reserve unleashed a long-awaited stimulus programme, and some analysts expected the market now to take a breather before tackling further milestones.

Bullion's rise was comparatively modest after it jumped 2% on Thursday and a total of 10% over the past month, largely in anticipation of the easing move by the U.S. central bank.

On Thursday, the Fed launched an open-ended mortgage debt buying programme and pledged to keep interest rates near zero until at least mid-2015.

Silver, platinum and palladium, widely used in industrial applications, also climbed to their highest in about six months, as the appetite for riskier assets rose after the Fed move.

Spot gold added 0.3 percent to $1,773.59 an ounce by 1420 GMT after climbing to an intraday peak of $1,777.51, its highest since Feb. 29.

"After the move we had, not just yesterday but over the last two or three weeks, I think it would be natural to look for a period of consolidation," said Tom Kendall, an analyst at Credit Suisse in London.

"But certainly going into the back end of this year, I would be looking for gold to be getting towards at least the $1,850 level."

Analyst Michael Widmer at Bank of America Merrill Lynch was more bullish, telling Reuters Insider television he expected gold to break through its previous record peak of $1,920 from last September and surge to $2,000 by the end of the year. . .View Full Article

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