Gold Futures Top $1,290 an Ounce on Globex
September 22nd, 2010Via: MarketWatch:
Gold futures climbed to new heights above $1,290 an ounce on Globex during Asia’s morning trading Wednesday with investment demand on the rise after the U.S. Federal Reserve said it was worried about deflation and was prepared to consider more action to boost the economy.
Gold for December delivery touched a high of $1,290.90 in electronic trading on Globex during morning trading in Tokyo. It was last up $15.40, or 1.2%, at $1,289.70.
Bullion had traded around $1,273 an ounce on Globex before the Fed announcement in Washington.
More: Fed’s Concern Over Inflation Broadens Rationale for More Easing
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I am perplexed, again.
“Gold futures soared to new record Wednesday, fueled by fears of deflation after the Federal Reserve signaled it may inject more cash into the financial system to support the U.S. recovery.”
Is that a misprint? The word “deflation” I mean?
161 pips on the EURUSD in about 1 hour.