Gold falls a few percent ahead of the results of the Fed meeting

Gold fell during the trading session on Wednesday, as investors remained cautious ahead of the outcome of the meeting of the Bank of the Federal Reserve, and so for clues about the timing of a rate hike.

On the Comex division of the New York Mercantile Exchange, gold fell delivery in April increased by 6.60 cents, or equivalent to 0.51%, to trade at $ 1,286.30 per ounce, during morning trading in the United States, and prices traded in a narrow range between 1,284.60 and 1 scale, to $ 294.60 an ounce.

On the previous day, gold rose 12.50 cents, or equivalent to 0.98%, to close at $ 1,292.90 an ounce, after a disappointing durable goods weighed on expectations of economic recovery data.

And was likely to find support gold at $ 1,273.00 per ounce, the lowest price since January 27 and resistance at 1,308.80 highest price since January 22.

Also in the Comex, silver March delivery fell 4.6 cents, or equivalent to 0.25%, to trade at $ 18.03 an ounce. On Tuesday, silver rose 1.10 cents, or equivalent to 0.56%, to close at $ 18.08 per ounce.

Later in the day investors awaited the outcome of the Fed meeting, with expectations that the Bank continues to cling to his position on the waiting period before applying further monetary policy.

Investors are trying to audit the Fed’s statement format to reflect expectations that interest rates will remain unchanged near zero levels for some time in the future.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.45 percent to 94.69 after falling to its lowest level in almost a week by 93.95 in the previous session.

Elsewhere in metals trading, March copper / March delivery rose 1.1 cents, or 0.43%, to trade at $ 2.473 a pound. The record March contract price of the lowest in five years at $ 2.419 a pound on Monday.

Red metal fell by 11.5% so far in January as concerns over the global economic outlook and its impact on future demand forecasts, which reduced the appeal of commodities

Add a Comment