Terry Sacka Tells You Why All Fiat Currencies Have Always Gone To ZERO
Gold has climbed to a seven-week high bolstered by a weaker dollar and continuing expectations the Fed won’t hike interest rates in 2015.
“Markets are continuing to price in doubt about a Fed rate hike in December despite Vice Chairman Fischer’s weekend comments,” said Ric Spooner, chief analyst at CMC Markets.
The yellow metal gained as much as 0.9% to $1,166.80 an ounce, the highest since August 24, following a 1.6% advance in the previous session.
U.S. Federal Reserve policymakers are still likely to raise interest rates this year but that is “an expectation, not a commitment”, and could change if the global economy pushes the U.S. economy further off course, Federal Reserve Vice Chairman Stanley Fischer said.
“Both the timing of the first rate increase and any subsequent adjustments to the federal funds rate target will depend critically on future developments in the economy,” Fischer told a group on the sidelines of the International Monetary Fund meeting in Peru.
He said “considerable uncertainties” surrounded the U.S. economic outlook, particularly the drag on exports from slowing global growth, low investment caused by the decline in oil prices and what he called a “disappointing” recent drop in U.S. job growth.
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