The Fed’s just kicked the gold price back into bull market

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Following some profit-taking on Monday and Tuesday, gold’s 2016 rally regained momentum on Wednesday with the metal exchanging hands for an intra-day high $1,261.70 an ounce in late afternoon trade, up $30.70 or 2.5% from yesterday’s close.

Gains in Comex futures for delivery in April was inspired by a US Federal Reserve interest rate decision to keep rates on hold. Gold touched a near six-year low of $1,049.60 December 17 but 2016’s bull run has seen the precious metal gain just over 20% since then. A bull market is a 20% upward move from a low.

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