Fed Rate Cut Sets The Stage For Further Gold Rally
NEW YORK -- The Federal Reserve's 50 basis points rate cut on Wednesday "sets the stage for a further rally in gold, but the upside target remains near $940 and probably not much beyond $950 at the moment," said Jon Nadler, senior analyst at Kitco Bullion Dealers. "Conditions are becoming overbought, and South African production problems have been addressed for the time being... There is the risk of over-accommodating, and inflation also remains a threat." Gold for April delivery was last up $6.40 at $937.20 an ounce on the New York Mercantile Exchange.
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