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Wednesday, October 27, 2021

Gold Prices Hold Gains as FOMC Statement looms

Gold Prices Hold Gains as FOMC Statement looms© Reuters.

Investing.com – Gold prices shrugged off a rebound in the dollar as traders continued to expect the Federal Reserve’s policy statement to show that Fed policymakers voted to leave rates unchanged at their Oct. 31- Nov. 1 meeting.

for December delivery on the Comex division of the New York Mercantile Exchange rose by $7.45, or 0.59%, to $1277.88 a troy ounce.

A pair of economic reports pointing to solid strength in the U.S. economy, however, pressured gold prices to retreat from intra-day highs but the precious metal remained well supported ahead of the Federal Open Market Committee (FOMC) policy statement due 3 p.m. ET.

added 235,000 jobs in October, according to a report released Wednesday by ADP and Moody’s Analytics. That beat economists’ forecast of 200,000.

The posted a reading of 58.7 in October, missing expectations for a reading of 60.

The Federal Reserve is widely expected to keep rates unchanged as market probabilities point to just a the central bank will raise its benchmark rate.

The Fed’s thinking on inflation, however, is expected to be closely monitored for signs of any further jitters among Fed members concerning the sluggish pace of inflation. The central bank has previously said the recent slowdown in inflation was transitory.

Gold prices are sensitive to moves higher in interest rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

In other precious metal trade, added 2.76% to $17.18 a troy ounce while rose 1.52% to $935.45.

traded at $3.14, up 0.77% while fell by 0.79% to $2.88.

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Source: Investing.com

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