|09-10-2014, 06:23 PM||#1|
Gold trades near three-month low as investors assess Fed outlook
Gold rose slightly on Wednesday but still trades near its lowest level in three months as investors assess whether the Fed would raise interest rates soon.
A Fed research published on Monday raised expectations policymakers could hike interest rates at the coming policy meeting on Sept. 16-17.
Economic reports due later in the week may show U.S. retail sales rose the most in four months in August and initial jobless claims edged down in the week through September 6.
However, the NFP figures released last week has caused some investors to think it is too early to talk about a possible interest rate hike.
The green currency retreated today against a basket of major currencies after setting a new peak on Tuesday.
The dollar index is meanwhile hovering around 84.13, while touched a high of 84.50 yesterday.
In the U.K., BOE Governor Mark Carney said yesterday the BOE is likely to raise interest rates by spring 2015 as wage growth recovers.
As of 13:45 GMT, Carney as well as other MPC Members will speak in parliament, where investors may wait for comments regarding Scotland independence issue.
Gold is currently trading around $1257.01 after hitting a high of $1257.60 and a low of $1253.51.
Among other precious metals, platinum slipped to $1384.80 from the day`s opening of $1387.90, palladium dipped to $858.80 from $860.75 and silver inched up to $19.06 from $19.04.
Crude oil for October’s delivery ticked up to trade around $82.85 after hitting a high of $93.01.
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