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Author
The Associated Press
Date
June 19, 2014

Gold, silver jump as Fed keeps rates low

Gold and silver futures rose Thursday, a day after the Federal Reserve said it saw no immediate end to its low-interest rate policy.

Gold for August delivery rose $41.40, or 3.3 percent, to $1,314 an ounce. Silver for July delivery rose 87 cents, or 4.4 percent, to $20.65 an ounce.

On Wednesday the Fed said it would keep interest rates low for some time to help the U.S. economy recover. That helped keep the dollar lower, giving investors an incentive to buy precious metals. The Fed news came out after the close of regular metals trading on Wednesday afternoon.

Platinum and palladium futures also rose.

July platinum rose $23.70, or 1.6 percent, to $1,474.50 an ounce and September palladium rose $15.95, or 1.9 percent, to $838.60 an ounce.

July copper rose two cents, or 0.6 percent, to $3.08 a pound.

Energy contracts ended mostly higher and prices for gains and beans rose.

Crude oil for July delivery rose 46 cents, or 0.4 percent, to $106.43 a barrel.

Wholesale gasoline rose 3 cents, or 0.9 percent, to $3.13 a gallon and home heating oil rose a penny, or 0.4 percent, to $3.05 a gallon.

Natural gas fell 8 cents, or 1.6 percent, to $4.58 per 1,000 cubic feet.

In agricultural contracts, wheat rose 7 cents, or 1.1 percent, to $5.94 a bushel, corn rose 9 cents, or 2 percent, to $4.51 a bushel and soybeans rose 12 cents, or 0.8 percent, to $14.21 a bushel.

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