NEW YORK (AP) -- Gold jumped in aftermarket trading Wednesday after the Federal Reserve slashed its key interest rate -- an inflationary move that boosted the metal's appeal as a stable investment.
The Fed cut its benchmark federal funds rate by a widely expected half percentage point, following a bold three-quarter-point reduction last week that was aimed at staving off a U.S. recession.
Minutes after the Fed decision, gold for April delivery jumped $4.70 to $935.50 an ounce in after market trading on the New York Mercantile Exchange. Gold earlier settled $4.50 lower at $926.30 an ounce as investors waited to see if the central bank would cut by half a point or a more modest quarter point as some had expected.
March silver also rose 10 cents to $16.90 an ounce on the Nymex, while March copper fell 2.95 cents to $3.2695 a pound.
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http://biz.yahoo.com/ap/080130/commodities_review.html?.v=4
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