The fact that they didn’t raise rates breathes some life back into the gold market,” Bob Haberkorn, a senior market strategist at RJO Futures in Chicago, said in a telephone interview. “Traders are in a buy-and-hold mode right now. They’re looking at adding to positions.”
Gold for immediate delivery slipped less than 0.1% to copy,336.48 an ounce at 1.55pm in New York, after four straight gains. Prices climbed 2% this week, the most since July 29, according to Bloomberg generic pricing.
Gold futures for December delivery had a 2.4% advance this week, the biggest rally since June 10.