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Gold up in New York

Gold pared gains Thursday from a two-week high, clinging to short-covering gains despite the US dollar's recovery after a more cautious than expected interest rate statement from the US Federal Reserve. Spot gold hit a peak of $1,177.46 an ounce earlier in the session as the dollar tumbled after the US Federal Reserve signalled a slower pace of interest rate hikes and gave a cautious outlook for the US economy.

Gold pulled back as the dollar rose from an early low to rise against a currency basket. The currency extended gains after jobless data indicated the American labour market remained on a solid footing despite slowing economic growth.

"A higher US dollar will be a major negative driver for precious metals going forward," ABN Amro analyst Georgette Boele said.

Spot gold was up 0.2 percent at $1,169.26 an ounce at 2:49 pm EST (1849 GMT) and US gold futures for April delivery closed up $17.70 an ounce at $1,169.00 despite the greenback's recovery.

"The market had gotten pretty short in the run-up to the Fed statements," said HSBC analyst James Steel.

Silver was up 1.2 percent at $16.09 an ounce after touching a two-week high of $16.18, while spot platinum was up 0.3 percent at $1,117.50 an ounce and spot palladium was down 2.1 percent at $764 an ounce.

Copyright Reuters, 2015



 



 
Index Closing Chg%
Arrow DJIA 18,080.14 0.12
Arrow Nasdaq 5,092.09 0.71
Arrow S&P 2,117.69 0.23
Arrow FTSE 7,070.70 0.24
Arrow DAX 11,810.85 0.74
Arrow CAC-40 5,201.45 0.44
Arrow Nikkei 20,020.04 0.83
Arrow H.Seng 28,060.98 0.84
Arrow Sensex 27,437.94 1.07





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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln