• News
  • Money

Gold Extends Recent Slide With Fed in Focus

Gold Extends Recent Slide With Fed in Focus

"The path of least resistance is down on the FOMC meeting", Graves said of the metal's response to outgoing Fed Chair Janet Yellen's last meeting in charge.

Strong US producer price data had helped lift the dollar to a four-week high on Tuesday, suggesting improving inflation ahead of the outcome of the Fed meeting on Wednesday. Investors and analysts have said they will be paying close attention to the central bank's outlook for 2018, as some have said projections for fewer rate increases next year or statements indicating a cautious approach could buoy gold prices.

Spot gold was up about 0.1 percent at $1,242.72 an ounce by 0049 GMT, after losing 0.5 percent on Monday. A dollar-denominated commodity, gold becomes more expensive for overseas buyer when the USA currency grows stronger. On Tuesday it touched $1,235.92, the lowest since July 20.

Gold prices have tended to fall before recent USA rate hikes but to recover shortly afterwards, said Saxo Bank analyst Ole Hansen.

"If the Fed comes out of the gate with more hawkish views on the economy and sees inflation improving, it could impact the dollar index". "I would expect gold to remain offered on any rally and.to retest its overnight lows around $1,240", said Jeffrey Halley, a senior market analyst with OANDA.

Gold Extends Recent Slide With Fed in Focus

Meanwhile, investors also took note of a special Senate election in Alabama, which.

Among base metals, copper for March delivery swung between small gains and losses and closed up 0.4% at $3.0230 a pound.

Platinum rose 0.2% to $878.20 an ounce, after touching its lowest since February 2016 at $868.80 in the previous session.

Palladium was up 0.3 percent at $1,015.90 an ounce.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

Romelu Lukaku has flopped at Man Utd - here's why

Former Newcastle and England striker Alan Shearer believes the £75million spent by Manchester United on Romelu Lukaku is starting to look like a waste of money.

Mobile snaps up Denver's Layer3 TV

Its CEO Jeff Binder claims that the company can send HD video at a bandwidth of less than 4 megabits per second. T-Mobile is launching a TV service next year, becoming the latest company to marry wireless and video.

NFL Network Sexual Harassment Bombshell Lawsuit Names Names Including Marshall Faulk,

Former NFL Network executive Eric Weinberger and former NFL Network analyst Donovan McNabb are among those named in the suit. Another sexual harassment scandal has been unleashed and this time it affects personnel at the NFL Network .

Stock Views And Recommendations: Microsoft Corporation (NASDAQ:MSFT)

Investor speculation and demand also help increase a share's price over time. 28 funds opened positions while 42 raised stakes. Microsoft Corporation on 9/29/2017 reported its EPS as $0.8 with the analysts projecting the EPS of the stock as $0.79.

Tearful Josh McCown takes to podium after breaking hand

Christian Hackenberg is expected to be active for the first time since Week 1 and just the second time in his two-year career. Petty started four games past year , completing 58.5 percent of his passes with two touchdowns and five interceptions.

Tigertown: Morris, Trammell elected to baseball Hall of Fame

Yet his 3.90 career ERA will be the highest of any pitcher in the Hall of Fame, and he never won a Cy Young Award. If he had stayed out, Trammell nearly certainly would have gone down as the best shortstop not in the Hall.

USA regulator warns of 'fraud and manipulation' amid cryptocurrency craze

Munchee , a food review App based on Blockchain, agreed to refund all investors without accepting nor denying the allegation. Despite the CFTC's approval of the deal, Giancarlo has repeatedly said it does not equal an endorsement of the product.

Austria gas plant burns after deadly explosion

The underground pipeline belongs to the Vienna-based OMV group, which has confirmed that there was a gas explosion at the site. The Italian wholesale day-ahead price surged 215 percent to 75 euros per megawatt-hour, its highest recorded level.

Global arms sales rise for first time in five years

Japan is clubbed with Australia, Israel, Poland, Singapore and Ukraine under other established producers' category. Russian companies accounted for 7.1 per cent of the overall total.

Amnesty accuses Europe of 'complicity' in abuse of Libya migrants

Our mission is to bring a balanced perspective to the African narrative and provide the platform for discourse and interaction. Amnesty says the European Union has not just been aware of these abuses, but it has been complicit in them.