Gold futures on Friday logged their second-highest close for the month of September, as prices rallied on the back of the Federal Reserve’s decision to keep interest rates at historically low levels.
Gold for December delivery jumped $20.80, or 1.9%, to settle at $1,137.80 U.S. an ounce on Comex. That was the highest settlement since Sept. 1. December silver also gained 17.9 cents, or 1.2%, to $15.163 U.S. an ounce.
For the week, gold saw a 3.1% gain, while silver was up about 4.5%.
Analysts have said that higher interest rates would have hurt gold because it doesn’t pay interest, making it a less attractive investment. Plus, higher rates lift the dollar and a stronger greenback can weigh on dollar-denominated commodities as they become pricier for holders of other currencies.
Other metals rallied, with the exception of copper, which saw its December contract drop 6.6 cents, or 2.7%, to $2.386 U.S. a pound on Comex.
October platinum ended at $984.40 U.S. an ounce, up $16, or 1.7%, while December palladium tacked on $11.65, or 1.9%, to $610.85 U.S. an ounce.
