Investor caught flat-footed by Fed’s outlook on rates
By Ira Iosebashvili
Blouin News
Gold prices posted the biggest daily gain in nine months on Thursday, driven by investors who were caught flat-footed by the Federal Reserve’s outlook for continued low interest rates.
Gold for August delivery, the most actively traded contract, rose 3.3%, the biggest one-day percentage gain since September 2013. The contract rose $41.40 to $1,314.10 a troy ounce, its highest level since April 14.
Meanwhile, silver for July delivery gained 4.4% to $20.648 an ounce, its highest settlement since March 19.