Gold eased for the second consecutive session, but held ground above $1220 early Wednesday before the Federal Open Market Committee (FOMC) issues minutes of its 17-18 Dec. policy meeting.
The bullion market has lost steam again this week as stocks shot higher amid optimism over US economic outlook, which curbed demand for the metal as an alternative investment. Meanwhile, the latest fundamentals from the world`s largest economy were all a bit positive, boosting expectations for much stronger growth for the fourth quarter than previously expected.
Spot gold fell 0.30% to $1,227.30 an ounce as of 02:55 EST, compared with yesterday`s close at $1.230.97. Today`s range is so far between $1,225.71 and $1,232.99.
Other precious metals also underperformed as follows:
- Spot Silver was at $19.67 an ounce, down by 0.67%
- Spot Platinum was at $1,410.95 an ounce, down by 0.10%
- Spot Palladium was at $739.10 an ounce, down by 0.20%
Investors are eyeing today`s FOMC minutes, from meeting when the Fed decided to begin tapering its $85 billion in monthly bond purchases in January. The minutes promise to be unusually interesting, perhaps offering clues on the Fed`s future action.
Gold pirces eased yesterday The strength of the US dollar and the heavy Fedspeak, which was led by comments from outgoing chair Ben Bernanke who said the economy has made important progress and that despite the tapering reality, the Fed remains committed to accommodative policy.
Technically, the metal has retreated after testing the 50-days SMA approaching the broken resistance at $1,218-1,220 level, but as long as price remains above $1,220 level, the bullsih correctional scenario would be favored.
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Gold Steadies Above $1220 Before FOMC Minutes
Published 01/08/2014, 04:41 AM
Updated 07/09/2023, 06:31 AM
Gold Steadies Above $1220 Before FOMC Minutes
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