Gold Soars as Fed Holds Rates
Jun 26th, 2008 | By Jason Simpkins | Category: Featured, Financial NewsGold surged nearly 4% yesterday (Wednesday), as the U.S. Federal Reserve appears hesitant to raise lending rates despite signs of severely escalating inflation.
The price of gold jumped $30.30 to trade at $915 an ounce as of 11:45 a.m. EDT, its highest level since May.
“The Fed said that inflation is a major concern, but they’re not going to do anything about it, which made gold go ballistic,” Leonard Kaplan, the president of Prospector Asset Management, told Bloomberg News. “The dollar is going to get slammed again.”