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Thursday, August 11, 2022

Gold Prices Hold Steady Ahead of Mid-Term Elections, Fed Meeting

Gold Prices Hold Steady Ahead of Mid-Term Elections, Fed Meeting© Reuters. Gold prices flat as traders turn cautious ahead of elections, Fed decision

Investing.com – Gold prices were little changed on Monday as traders braced for the U.S. mid-term elections and the Federal Reserve’s November meeting due later this week.

At 9:18 AM ET (14:18 GMT), for December delivery on the Comex division of the New York Mercantile Exchange slipped 30 cents, or 0.02%, to $1,230.70 a troy ounce.

Voters on Tuesday will decide , with market participants cautious as the results could influence U.S. President Donald Trump’s ability to pass additional tax and trade reforms.

Expectations point to the likelihood that Democrats could win control of the House of Representatives, although Republicans are widely expected to reinforce their hold in the Senate.

The Fed will begin its two day meeting on Wednesday after last week’s solid monthly employment report showed that at the fastest pace in more than nine years.

The data with plans to continue with gradual increases in interest rates.

Interest rate increases and higher U.S. bond yields are usually bearish for gold, which offers no yield.

In other metals trading, fell 0.72% at $14.650 a troy ounce by 9:19 AM ET (14:19 GMT).

advanced 0.72% to $1,112.50 an ounce, while sister metal lost 0.73% at $869.30.

In base metals, traded down 1.43% to $2.763 a pound.

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Source: Investing.com

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