|09-17-2014, 02:37 PM||#1|
Gold inches up as the Fed concludes policy meeting
Gold resumed its rebound for a third straight session from near 8-month low before amid speculations the Fed would leave interest rates low for considerable time after withdrawing stimulus.
The main highlight today will be the outcome of the Fed’s two-day meeting, as investors will wait for comments from Fed Chair Janet Yellen about the timing of hiking interest rates.
While the Fed will probably continue its bond purchases scale back, it may leave interest rates at its record low for some time until making sure the economy is strong enough to growth without help.
Any dovish comments about the timing of raising interest rates is likely to support gold prices to resume its rebound and opposite is true.
The U.S. dollar inched down on Wednesday, after dropping the previous session, on technical movements as it became extremely overbought.
The dollar index, which tracks the green currency’s movements versus a basket of six major currencies, is currently hovering around 84.22.
In addition, tomorrow all eyes will focus on Scotland independence referendum, which is likely to take a toll on currencies, especially the pound.
Meanwhile, gold is trading around $1235.50 after hitting a high of $1238.94 and a low of $1233.29.
Crude oil for November’s delivery was little changed trading around $94.65 barrel.
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