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Market: NYSE
Sector: Gold Mining
EPIC: GLD
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Gold
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Gold is a chemical element with the symbol Au and the currency code is XAU. It is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewelry. The metal occurs as nuggets or grains in rocks, underground "veins" and in alluvial deposits. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.

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Gold, silver and platinum give up early gains

17th Mar 2010, 3:48 pm
Gold, silver and platinum give up early gains

Gold stabilised at about US$1,125/oz after reaching US$1,133/oz on weakness in the US dollar, which declined on the Federal Reserve’s decision to leave the interest rates at the current ultra low levels of 0% to 0.25%.

The Fed said on Tuesday that the strength of the ongoing economic recovery did not warrant a rate increase, while inflation was likely to stay at a low level, while the US job market was slow to recover.

This was in line with the Fed’s repeated pledge to keep the rates exceptionally low for an extended period of time.

Gold is seen as a hedge against inflation and a riskier alternative to the safe haven US dollar. The yellow metal normally moves inversely to the greenback, which fell against other major currencies following the Fed’s policy meeting.

Gold has been on the rise so far this week, climbing from US$1,100/oz as the euro firmed against the US dollar on easing concerns over the ongoing debt crisis in several euro zone countries including Greece and Portugal.

Other precious metals also gave up initial gains with silver sliding to US$17.42/oz, while platinum declined to US$1,631/oz.

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