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Gold Slightly Up After 4-Day Slide, But Fed Outlook Weighs

ByICN.com
Published 11/13/2013, 05:34 AM
Updated 07/09/2023, 06:31 AM
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Gold prices ticked higher early Wednesday from a four-week low hit yesterday as the dollar eased following a rally driven by speculation the Federal Reserve will soon start tapering its stimulus program.

The precious metal market is anticipating fresh remarks Thursday from Janet Yellen, President Barack Obama`s nominee to take the helm as the Fed`s next President after Ben S. Bernanke, as policymakers debate whether the central bank`s ultra-easy monetary policy through quantitative easing is still needed to support the world`s largest economy.

Spot gold was slightly up by 0.42% at $1,273.41 an ounce as of 02:35 ET, compared with yesterday's close at $1,268.04. The day's range is so far between $1,265.83 and $1,273.79.

Strong data from the world's largest economy usually fuels concerns the Fed could announce plans to scale back its $85 billion-a-month stimulus program as soon as December, when the Federal open Market Committee (FOMC) meet for the final time this year.

Gold prices has dropped as much as 25% this year. The latest drop was simply a reaction to October jobs report.

For the first time in five days, prices are rebounding slightly in thin trade. However, the bearish wave towards the bottom of the descending channel around $1,265.0 support continues to be dominant and intact, thus the bearish scenario remains favored over intraday basis.

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