Gold Rallies Modestly After Fed Announces $10 Billion Tapering

(Kitco News) - Gold prices were holding modest short-covering and bargain hunting gains in the aftermath of the much-anticipated FOMC statement Wednesday afternoon that did serve up a $10 billion a month-bond buying reduction, beginning in January. However, trading was still choppy and on both sides of unchanged as of this writing. The gold market's initial reaction to the FOMC statement is a classic case of a "sell-the-rumor, buy-the-fact" scenario--in which the gold market bears were able to ...