Gold prices are slightly lower Wednesday morning, ahead of the outcome of the U.S. Federal Reserve’s monetary policy meeting.
While the dollar’s weakness against major currencies is supporting gold, a positive trend in global equity markets is weighing on it.
It is widely expected that the Fed may not start hiking interest rates anytime soon. Meanwhile, economists expect the central bank to wind down its monthly asset purchase program, QE3.
Gold futures for December delivery are down $2.10 or 0.17 percent at $1,227.30 an ounce.
On Tuesday, gold futures ended up $0.10 at $1,229.40 an ounce, after declining to a two-week low of $1,222.20 an ounce intraday.
While a slightly weaker greenback supported the yellow metal, stronger equity markets and speculation about an extended run for the low interest regime in the U.S. limited its upside.
Silver for December is down $0.037 or 0.25 percent at $17.189 an ounce. Meanwhile, copper is up marginally at $3.093 per pound.
Published: 2014-10-29 13:00:00 UTC+00
Gold Steady As Fed Preps Policy Statement
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