The Price Of Gold Fell And The Dollar Rose

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Forexyard

The US Federal Reserve is announced a strategy to stimulate their ailing economy by selling $400 billion of its short-term securities and exchanging them for $400 billion in long-term securities, a move that’s designed encourage lending and borrowing among US banks and businesses. However, this news caused the price of gold fall and the dollar to rise at ForexYard and other online commodities and Forex brokers.

Following the news from the Feds, the price of safe haven commodity – gold – fell by over $26 per troy ounce during Wednesday’s trading sessions. The price of gold at ForexYard fell from $1,809.10 to $1,782.60 but, most unusually, the price of silver rose during the day. Silver prices normally shadow gold prices but today things were different. As gold was shedding dollars the price of silver rose by a little under 1 per cent, while palladium and copper also made small gains.

The strong US dollar also made headway against the euro, with the EUR/USD currency pair trading at $1.3571 at the end of the US trading session. The British pound fell from $1.5735 to $1.5501 and the Australian dollar fell to $1,005 from $1.0275 against the flourishing US dollar.

The rising dollar may have offered profitable positions for shrewd traders on Wednesday and, many believe, will continue to climb during the start of Thursday. If you want the chance to speculate on the fortunes of the US dollar, gold, silver or many other trading instruments pay a visit to ForexYard at www.forexyard.com.