Gold up modestly ahead of Fed meeting, data Gold futures edged up Tuesday as Federal Reserve policy makers were set to meet and possibly decide to keep their monetary-stimulus efforts intact. December gold GCZ3 -0.76% picked up $2.20, or 0.2%, to $1,354.10 an ounce in electronic trade. Futures on Monday fell, settling down by 30 cents an ounce after suddenly swinging lower during the last few minutes of trading on the Comex division of the New York Mercantile Exchange. The Federal Open Market Committee will gather later Tuesday, and on Wednesday, the policy makers are likely to reiterate that they want to see data indicating the world’s largest economy is prepared for a reduction in debt purchases by the central bank from $85 billion a month. Monetary stimulus by the Fed and other central banks worldwide has been considered a benefit to gold prices in recent years, and expectations the Fed would begin to withdraw stimulus has been a key factor driving gold futures down 19% this year.
Posted on: Tue, 29 Oct 2013 09:39:52 +0000
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