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Gold, silver rise for third straight day

June 20, 2014

Gold and silver prices rose for a third straight day, following the Federal Reserve’s decision to keep interest rates low for the immediate future.

Gold rose $2.50, or 0.02 percent, to $1,316.60 an ounce while silver rose 30 cents, or 1.5 percent, to $20.95 an ounce.

The Fed said Wednesday that it plans to keep interest rates low until at least next year to help the U.S. economy recover. The announcement helped keep the dollar lower, giving investors an incentive to buy precious metals.

Copper also rose Friday, gaining 4 cents, or 1.4 percent, to $3.12 a pound. Platinum for July delivery fell $17.20, or 1.2 percent, to $1,457.30 an ounce and Palladium fell $16.40, or 2 percent, to $822.20 an ounce.

In other commodities trading, oil rose 83 cents to $107.26 a barrel. Natural gas fell 5 cents, or 1.2 percent, to $4.53 per thousand cubic feet. Wholesale gasoline futures were little changed at $3.13 a gallon. Home heating oil was also flat at $3.05 a gallon.

In crops contracts, wheat fell 8 cents, or 1.4 percent, to $5.85 per bushel and corn rose 3 cents, or 0.6 percent, to $4.53 a bushel. Soybeans rose 4 cents, or 0.3 percent, to $12.32 a bushel.

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