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NEW YORK. Gold futures advanced to its highest level in sixweeks. At 13:44 pm New York time, the price of gold contract forApril delivery shot 2.1% to U.S. $ 1,703 per troy ounce on theComex in New York.
This is the biggest gain since January 3 last.Earlier, gold prices had touched a new U.S. $ 1,716.10 per troyounce, the highest level for a most-active contract sinceDecember 12 last.
The price spike occurred after the yellow shine of the FederalReserve said it would keep interest rates low until 2014. The Fedalso said, the purchase of bonds is one of the options available.
"We see a quick reaction on the movement in gold prices afterthe Fed announcement. Investors are betting that at one point, the U.S. economy will get inflationary pressures due to low interest rates," said Michael A. Gayed, Chief Investment StrategistPension Partners LLC.
Notes only, in the last 12 months, gold prices have jumped 28%.Most of the triggers is the setting of low interest rates by the Fed.
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