amwalalghad :: Gold Struggles Around $1,600 After Fed Inaction

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Gold Struggles Around $1,600 After Fed Inaction


Published Thursday, 02 August 2012 10:59 | Written by Amwal Al Ghad

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Gold futures struggled to find support around the $1,600-an-ounce level in electronic trading Thursday as investors looked ahead to the European Central Bank policy meeting after the Federal Reserve refrained from providing more monetary stimulus.

August futures for gold GCQ2, which had dropped below $1,600 an ounce in electronic trade after the Fed’s decision was announced, returned above the psychologically important level, but barely so.

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