Though the yellow metal may be lower Thursday, many analysts see the Fed's latest purchasing program announcement as a positive long-term move for gold, as the central bank expanding its balance sheet can be viewed as inflationary policy. Investors see gold as a hedge against inflation.
for March delivery plummeted $1.43 to close at $32.36 an ounce, while the
U.S. dollar index
was adding 0.05% to $79.93.
Gold mining stocks were mostly lower Thursday. Shares of
(GOLD - Get Report) were dipping 3.7%, and shares of
(NEM - Get Report) were decreasing 3.5%.
Among volume leaders,
(AUY - Get Report) was off 2.8%, and
(ABX) was losing 2.5%
SPDR Gold Trust
was ticking down 0.97%, while
iShares Gold Trust
was shedding about 1%.
-- Written by Joe Deaux in New York.