The FOMC kept the policy unchanged but also didn't take off the table the possibility of another stimulus plan in the future. Following this news, gold and silver only slightly declined and didn't tumble down as was the case in the previous FOMC meeting. The recent U.S GDP estimate for the first quarter of 2012 didn't hit expectations, even though it is still a good result. This news may have slightly affected bullion to trade up on Friday. The S&P's announcement to downgrade Spain's credit rating and also to criticize the EU handling the debt crisis also didn't seem to have much of an effect on commodities markets during last week. In the past three weeks gold remained in the $1630-$1680 range and it seems that the recent news and events don't have much of an effect on gold to push it out of this range.
Gold moderately rose during last week by 1.34%; furthermore, during last week the average price reached $1,648.8 /t. oz which is 0.24% above the previous week's average price of $1,644 /t. oz. Gold price finished the week at $1,664.8 /t. oz.
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