Tue 17 Jul 2012 14:48:00 CT
While many traders feared an on hold stance from the US Fed the actual realization of an on-hold status applied some fresh pressure to gold prices. The Fed Chief did suggest that weakening jobs data would potentially use a series of tools to stimulate the economy and that might have helped cushion gold against even more downside action. Adverse currency market action might have assisted the bear camp but higher equities and somewhat decent US scheduled data helped gold and other physical commodity markets mitigate their Fed disappointment today. While the bull camp in gold wanted to see more quantitative easing today, seeing the US economy hold together might keep broad based risk-off deflationary selling interest from resurfacing in the near term.
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