Gold Price Pushes To Daily High On Positioning Ahead Of FOMC

New York (Mar 21)  Gold prices have extended early gains and are trading solidly up and near their daily highs in late-morning action Wednesday. After seeing selling pressure in recent days, it's likely that traders have already factored in a quarter-point interest rate rise coming from the Federal Reserve this afternoon. The rally today is a "sell-the-rumor, buy-the-fact" phenomenon so commonly seen in futures markets--even if the buying is coming a bit before the actual fact this time. April gold was last up $9.40 at $1,321.30.

By 11:35am EST spot gold price ws up $12 to $1,326, while spot silver rose 24 cents to $16.51. Moreover, spot palladium price jumped $10 to $994.

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