Gold finishes higher on inflation concerns, retreating after Fed's decision

 Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher on Wednesday as investors' concerns on inflation raised gold's safe-haven appeal, but it gave up some gains after the Fed Reserve's decision on interest rate. Silver and platinum went up, too.

    Gold price for August delivery gain 10.10 U.S. dollars, or 1.1 percent, finishing at 934.40 dollars an ounce, 10 dollars away from the intraday peak of 944.40 dollars.

    During the day session, investors have been waiting the Fed's decision on interest rate, which is widely expected to be kept unchanged near zero. However, analysts indicated that there is a lot of anticipation to see whether the Fed is going to keep a 300 billion dollars program of buying Treasuries as a way to loosen credit in order to stimulate the weak economy.

    Those worries on inflation made gold more attractive for investors to buy the precious metal as an alternative to hedge rising price risk.

    The news came on Wednesday afternoon that the Fed made no change to its benchmark interest rate at between zero and 0.25 percent, or plans for its Treasury purchases, but it also pointed out that inflation is no longer a concern despite higher energy prices and inflation should remain "subdued for some time."

    In the wake of those Fed's comments which greatly eased investors' concerns on inflation, August gold slid more than 3 dollars to about 930 dollars per ounce in electronic session.

    The Commerce Department reported durable goods orders in May increased 1.8 percent, much better than the 0.6 percent decline that economists expected. The unexpected data provided a new sign that the economy is bottoming out, fueling additional concerns on potential inflation.

    September silver finished at 13.942 dollars per ounce, up 6.6 cents. October platinum rose 1.60 dollars to 1,175.20 dollars an ounce. 

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