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Gold and Silver Rise on Dip-Buying as Traders Weigh Fed Strategy
Gold and silver rose on dip-buying, as traders monitored Middle East tensions for signs that higher energy costs could stoke inflation, putting pressure on the Federal Reserve to tighten policy. Bullion advanced as much as 1.9% to trade above $4,080 an ounce, while silver jumped as much as 5% — the most in more than five weeks — to just below $60 an ounce. That followed two straight weeks of losses for the precious metals. Traders are weighing higher energy prices against soft US economic data, as they look for clues on the Fed’s path for interest rates. Elevated borrowing costs are a headwind for non-yielding ... (full story)
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