Commodities rise ahead of the FOMC Rate Decision…

Today, the precious metals rose ahead of the FOMC Rate Decision as the Fed is expected to keep interest rates low for an extended period, which accordingly corroded the appeal of the green Benjamin; the commodities opponent, beside the fact that a survey showed that the euro zone's present service sector enhanced for a second consecutive month.

Consequently, the low-yielding dollar lost momentum in front of the majors throughout the currencies markets, having in fact the dollar index plummeting, an index that tracks the strength of the dollar in front of a basket of currencies and that is so far trading at 76.01 recording a high of 76.39 and a low of 75.99.

As a result, the yellow precious metal prices are climbing to the upside on a weakened dollar trading at $1089.86 an ounce recording a high $1095.35 an ounce and a low of $1079.90 an ounce, not forgetting that the metal jumped to a record high of $1068.55 an ounce yesterday as the International Monetary Fund sold 200 metric tons of the metal to India's central bank, boosting accordingly the gold's appeal throughout overall markets and speculating the fact that more purchase could occur in this coming period.

Plus, the commodity indices rose today; where on one hand the S&P GSCI added 4.41 points to 514.66 and on the other hand RJ/CRB Commodity edged up 1.51 points to 278.00.

Moreover, silver prices are inclining as well on a daily chart to trade so far around $17.42 recording a high of $17.54 and a low of $17.07, whereas the platinum prices are rising slightly to the upside to trade at $1361.50 recording a high of $1368.00 and a low of $1354.00.